Fundamental Analysis & Analysts Recommendations - Construction & Mining Machinery
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Transcript of Fundamental Analysis & Analysts Recommendations - Construction & Mining Machinery
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March 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14390791 1934.549 1119 1119 205 221 221 101.26 110.64 110.64 15.40 15.40 14.10 14.10 18.77
Euro Stoxx 50 Pr EUR 2642045 5674.976 4728 4728 772 800 800 200.68 312.97 312.97 23.11 16.49 14.82 14.82 19.96
NIKKEI 225 JPY 2555453 184.9733 185 185 19 19 19 5.21 5.46 5.46 0.26 0.26 0.25 0.25 0.12
FTSE 100 INDEX GBP 2744949 11849.45 9623 9623 1468 1684 1684 535.13 825.18 825.18 27.75 - 18.00 18.00 22.96
SWISS MARKET INDEX CHF 1052632 11145.75 4145 4145 854 848 848 412.02 557.89 557.89 21.53 19.15 15.90 15.90 22.19
S&P/TSX COMPOSITE INDEX CAD 1685770 17093.11 7888 7888 1848 2084 2084 795.93 890.15 890.15 15.46 15.46 13.83 13.83 24.32
S&P/ASX 200 INDEX AUD 1436679 6835.419 2859 2859 599 696 696 250.38 340.41 340.41 22.02 17.55 16.20 16.20 22.04
HANG SENG INDEX HKD 1699709 3318.738 1629 1629 360 409 409 259.40 265.67 265.67 1.44 1.54 1.41 1.41 3.07
MSCI EM USD 7865375 1554.869 1077 1077 200 216 216 87.10 95.63 95.63 12.03 13.69 10.96 10.96 20.04
ZOOMLION HEAVY INDUSTRY S-A CNY 10247 58511 7706 3 0 0 3 10.01 7451 7451 8192 9045 1643 1643 - - 0.17 0.17 0.18 0.20 1.30 1.28 1.23 1.11 7.19 9.54 10.36 11.82 3.55 BB+ 16.03.2012 - -
XCMG CONSTRUCTION MACHIN-A CNY 3789 8499 2063 2 0 0 1 5.38 5284 5211 5189 5692 691 - 0 0 0.26 0.20 0.22 0.24 1.51 - 1.37 1.23 4.51 14.46 3.30 16.70 - - - - -
KUNMING YUNNEI POWER CO-A CNY 555 5603 681 0 0 0 0 0.73 353 346 #VALUE! #VALUE! 17 - - - 0.00 0.02 #VALUE! #VALUE! 8.38 - #VALUE! #VALUE! -0.87 0.16 11.20 -1.85 - - - - -
DOOSAN INFRACORE CO LTD KRW 2315 1126 169 2 0 0 0 4.57 3820 3820 #VALUE! #VALUE! 411 411 - - 1.27 1.30 0.50 1.21 0.01 0.01 0.02 0.01 0.00 0.01 - 0.01 0.01 - - - -
STX ENGINE CO LTD KRW 212 147 29 1 0 0 0 0.79 968 968 #VALUE! #VALUE! 112 112 - - - 2.01 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! -0.02 0.00 - 0.02 0.01 - - - -
CHANGCHAI CO LTD-B HKD 523 529 561 0 0 0 0 0.38 404 385 #VALUE! #VALUE! 10 - - - 0.01 0.01 #VALUE! #VALUE! 4.99 - #VALUE! #VALUE! 1.32 0.98 -6.61 -1.48 - - - - -
SANY HEAVY INDUSTRY CO LTD-A CNY 12986 27680 7594 3 0 0 2 16.33 8126 8044 7994 9087 1819 - 96 96 0.17 0.14 0.14 0.17 1.90 - 1.94 1.62 7.94 5.25 7.76 10.43 - - - - -
DAIHATSU DIESEL MFG CO LTD JPY 164 98 32 0 0 0 0 0.12 604 588 #VALUE! #VALUE! 79 61 - - 0.80 0.78 #VALUE! #VALUE! 0.07 0.07 #VALUE! #VALUE! -0.01 0.00 -0.19 0.06 0.11 - - - -
KOMATSU LTD JPY 22782 7879 952 7 0 1 1 29.70 20751 20175 19997 21014 3628 3389 - - 1.81 1.52 1.54 1.92 0.16 - 0.16 0.13 0.08 0.02 0.11 0.02 0.18 A 26.10.2007 A2 01.10.2004
HITACHI CONSTRUCTION MACHINE JPY 4510 1795 212 4 0 0 1 8.48 8556 8682 8013 8301 989 978 - - 1.15 1.66 1.48 1.57 0.13 - 0.15 0.14 0.06 0.01 0.10 -0.02 0.12 - - - -
NITTAN VALVE CO LTD JPY 105 97 29 0 0 0 0 0.15 345 355 #VALUE! 419 35 41 - - -0.49 -0.12 #VALUE! 0.43 - - #VALUE! 0.09 0.02 0.02 -0.31 -0.13 0.12 - - - -
TOYO DENKI SEIZO -TOYO ELEC JPY 151 562 48 0 0 0 0 0.25 404 349 343 382 30 19 - - 0.17 0.02 0.07 0.15 1.85 1.84 0.50 0.22 0.02 -0.03 0.07 0.03 0.06 - - - -
ALTRA HOLDINGS INC USD 741 62 27 0 0 0 0 0.91 1 K 1 K 1 K 1 K 107 107 29 29 1.51 1.46 1.81 2.12 18.88 18.88 15.19 12.98 8.47 4.94 10.61 4.09 14.67 - - - -
ATLAS COPCO AB-A SHS SEK 34361 1447 1213 3 0 0 2 35.72 14156 14156 13964 14569 3423 3423 788 788 - 1.79 1.77 1.90 2.53 - 2.56 2.38 1.80 1.00 1.43 1.48 3.78 A 24.02.2011 A2 15.11.2012
BRIGGS & STRATTON USD 1197 134 48 0 0 0 0 1.43 2067 1969 2002 2080 155 146 94 94 1.24 1.08 1.42 1.65 23.01 23.01 17.56 15.06 -2.06 -1.13 -2.93 0.69 7.43 BB 20.10.2011 Ba3 04.03.2009
CATERPILLAR INC USD 58001 2997 655 10 0 0 3 65.23 65875 65875 63442 69087 11966 11966 2102 2102 8.62 8.63 8.04 9.42 10.26 10.26 11.02 9.40 9.54 11.51 23.62 12.24 18.16 A 24.06.2003 A2 15.06.1995
CUMMINS INC USD 22225 494 190 1 0 0 2 21.76 17334 17334 17251 18911 2225 2225 581 581 8.54 8.54 8.78 10.33 13.71 13.71 13.34 11.34 -3.96 4.95 -9.88 12.35 12.84 A 21.09.2011 Baa1 18.11.2011
CONCENTRIC AB SEK 493 15 44 0 0 0 0 0.48 333 333 338 366 55 55 14 14 - 0.55 0.74 0.85 3.17 - 2.36 2.05 -1.05 - -0.80 - 2.59 - - - -
CHINA YUCHAI INTL LTD USD 578 4 37 1 0 0 1 0.80 2140 2131 2265 2419 291 - 59 59 2.41 2.40 2.60 3.21 6.46 6.46 5.97 4.83 -12.69 - - - - - - - -
DEUTZ AG EUR 683 568 121 0 0 0 0 0.85 1995 1794 1717 1806 211 177 53 53 0.74 0.29 0.28 0.43 25.68 25.68 26.40 17.17 37.30 1.80 63.80 7.11 12.91 - - - -
FLSMIDTH & CO A/S DKK 3408 211 52 1 0 0 0 3.91 4349 4349 4918 4885 477 483 97 97 4.34 4.26 5.39 6.23 2.63 2.60 2.08 1.80 3.67 0.65 1.45 0.93 1.94 - - - -
JOY GLOBAL INC USD 6605 539 106 1 0 0 0 7.69 5661 5675 5084 5100 1325 1326 282 282 6.91 7.02 6.22 6.45 8.86 8.86 9.99 9.64 28.54 13.12 32.63 20.48 23.37 BBB 15.02.2011 Baa2 17.12.2010
METSO OYJ EUR 6320 295 150 2 0 0 1 7.07 9793 9793 9408 9342 997 997 220 220 - 3.25 3.54 3.64 16.87 - 15.48 15.06 16.85 5.05 3.33 1.37 13.29 BBB 15.05.2007 Baa2 16.11.2009
MANITOWOC COMPANY INC USD 2735 912 133 2 0 0 0 4.46 3927 3952 4249 4607 400 477 92 92 0.77 0.75 1.28 1.75 27.47 27.47 16.14 11.77 8.50 8.39 16.80 -6.44 12.07 B+ 08.10.2010 B3 13.10.2010
OUTOTEC OYJ EUR 2920 131 45 0 0 0 0 2.58 2724 2724 2858 2858 282 282 57 57 - 3.65 4.20 4.30 22.82 - 19.83 19.38 66.10 29.49 79.92 19.20 13.49 - - - -
ASTEC INDUSTRIES INC USD 822 59 23 0 0 0 0 0.74 936 975 1004 1082 73 75 23 23 1.45 1.51 1.93 2.41 23.87 23.87 18.64 14.98 3.04 1.88 -4.53 -6.40 7.73 - - - -
SANY HEAVY INDUSTRY CO LTD-A CNY 12986 27680 7594 3 0 0 2 16.33 8126 8044 7994 9087 1819 - 96 96 0.17 0.14 0.14 0.17 1.90 - 1.94 1.62 7.94 5.25 7.76 10.43 - - - - -
FLSMIDTH & CO A/S DKK 3408 211 52 1 0 0 0 3.91 4349 4349 4918 4885 477 483 97 97 4.34 4.26 5.39 6.23 2.63 2.60 2.08 1.80 3.67 0.65 1.45 0.93 1.94 - - - -
OUTOTEC OYJ EUR 2920 131 45 0 0 0 0 2.58 2724 2724 2858 2858 282 282 57 57 - 3.65 4.20 4.30 22.82 - 19.83 19.38 66.10 29.49 79.92 19.20 13.49 - - - -
METSO OYJ EUR 6320 295 150 2 0 0 1 7.07 9793 9793 9408 9342 997 997 220 220 - 3.25 3.54 3.64 16.87 - 15.48 15.06 16.85 5.05 3.33 1.37 13.29 BBB 15.05.2007 Baa2 16.11.2009
POWER SOLUTIONS INTERNATIONA USD 212 0 9 0 0 0 0 0.24 202 202 229 314 13 13 3 3 0.77 0.88 0.97 1.52 26.41 26.41 23.96 15.34 30.57 - 26.32 - 6.63 - - - -
SANDVIK AB SEK 20555 1583 1254 6 0 0 2 24.23 15406 15406 14715 15193 2785 2785 625 625 - 1.02 1.16 1.32 2.51 - 2.22 1.95 0.74 0.45 1.61 0.08 2.83 BBB+ 24.05.2011 - -
TEREX CORP USD 3787 456 110 2 0 0 1 5.48 7348 7348 8002 8674 552 664 129 129 1.83 1.95 2.62 3.44 17.54 17.54 13.07 9.94 12.97 -1.92 165.45 -11.87 9.03 BB- 22.05.2009 B3 07.11.2012
TOGNUM AG EUR 5353 4 131 0 0 0 0 5.29 3934 3934 #VALUE! #VALUE! 546 546 - - 1.80 1.80 #VALUE! #VALUE! 29.52 29.47 #VALUE! #VALUE! 1.86 4.39 1.80 -2.12 18.10 - - - -
TWIN DISC INC USD 284 18 11 0 0 0 0 0.30 356 333 279 294 59 43 5 5 2.61 1.64 0.67 0.94 15.38 15.38 37.66 26.98 14.65 0.20 32.14 4.81 13.03 - - - -
AMERCO USD 3256 24 20 1 0 0 1 3.18 2503 2509 #VALUE! #VALUE! 660 753 - - 11.70 12.72 12.85 14.00 13.06 13.06 12.92 11.86 11.66 5.01 10.02 9.38 30.01 NR 24.01.2012 WR 13.11.2003
WARTSILA OYJ ABP EUR 9176 270 197 1 0 0 0 9.95 6166 6165 6576 7050 800 796 191 191 - 2.24 2.62 3.01 27.15 - 23.16 20.14 16.00 6.34 16.82 7.89 16.85 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.80 2.17 1.39 1.39 1.33 1.28 1.39 9.95 9.95 9.69 8.86 9.95 8.77 8.77 8.10 7.59 8.77 14.10 14.10 12.64 11.43 14.10 2.21 2.21 2.36 2.57 2.21 1674.5 7.4%
Euro Stoxx 50 Pr 1.17 1.17 1.11 1.04 1.17 0.75 0.75 0.73 0.70 0.75 5.48 5.48 5.10 4.87 5.48 7.10 7.10 6.72 6.36 7.10 11.36 11.36 10.18 9.31 11.36 4.22 4.22 4.54 4.84 4.22 2895.1 6.3%
NIKKEI 225 1.52 1.52 1.42 1.33 1.52 0.71 0.71 0.67 0.66 0.71 9.50 9.50 8.20 7.67 9.50 9.54 9.54 8.34 7.83 9.54 24.11 24.11 18.95 14.75 24.11 1.64 1.64 1.65 1.92 1.64 11810.1 -6.0%
FTSE 100 INDEX 1.69 1.69 1.57 1.26 1.69 1.02 1.02 0.98 1.01 1.02 7.95 7.95 7.32 5.32 7.95 7.04 7.04 6.60 6.30 7.04 11.90 11.90 10.81 9.89 11.90 3.85 3.85 4.15 4.60 3.85 6790.0 4.6%
SWISS MARKET INDEX 2.40 2.40 2.23 2.06 2.40 2.01 2.01 1.91 1.84 2.01 12.30 12.30 11.27 9.95 12.30 13.14 13.14 12.15 11.34 13.14 14.96 14.96 13.41 12.20 14.96 3.28 3.28 3.63 4.12 3.28 7996.8 1.8%
S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.43 1.59 8.47 8.47 7.62 7.15 8.47 8.20 8.20 7.26 6.87 8.20 14.12 14.12 12.45 11.47 14.12 3.09 3.09 3.24 3.43 3.09 14549.2 13.3%
S&P/ASX 200 INDEX 1.94 1.94 1.84 1.73 1.94 1.86 1.86 1.75 1.66 1.86 11.44 11.44 10.21 9.32 11.44 9.82 9.82 8.63 8.00 9.82 15.61 15.61 13.89 12.74 15.61 4.25 4.25 4.55 4.90 4.25 5136.0 0.3%
HANG SENG INDEX 1.35 1.35 1.25 1.18 1.35 1.78 1.78 1.64 1.52 1.78 7.12 7.12 6.59 6.20 7.12 8.11 8.11 7.36 6.86 8.11 10.93 10.93 10.00 9.20 10.93 3.52 3.52 3.82 4.54 3.52 25103.6 11.4%
MSCI EM 1.46 1.46 1.33 1.24 1.46 0.97 0.97 0.90 0.87 0.97 6.97 6.97 6.43 6.02 6.97 7.20 7.20 6.61 6.23 7.20 10.96 10.96 9.84 9.13 10.96 2.82 2.82 3.14 3.44 2.82 1193.8 13.9%
ZOOMLION HEAVY INDUSTRY S-A 1.88 1.55 1.32 1.12 1.38 1.25 1.13 0.98 26.97 8.26 5.16 7.54 6.51 5.43 5.26 4.40 8.63 7.65 6.91 5.87 5.84 2.35 3.16 3.40 3.96 11.08 30.8%
XCMG CONSTRUCTION MACHIN-A 1.45 1.39 1.21 1.05 0.74 0.73 0.67 0.61 5.60 8.65 7.27 6.14 7.04 10.19 8.31 7.11 6.66 8.54 7.65 7.24 0.60 0.96 1.14 1.40 14.09 23.4%
KUNMING YUNNEI POWER CO-A
DOOSAN INFRACORE CO LTD 11.39 27.39 11.35 0.00 0.04 0.05 0.00 0.00 19593.33 28.5%
STX ENGINE CO LTD 2.74 2.74 2.43
CHANGCHAI CO LTD-B
SANY HEAVY INDUSTRY CO LTD-A 3.97 3.43 2.68 2.01 1.55 1.62 1.43 1.21 34.42 9.83 8.92 7.71 8.12 9.29 8.02 7.34 8.89 12.07 10.07 8.35 1.31 1.43 1.62 1.87 12.67 19.5%
DAIHATSU DIESEL MFG CO LTD
KOMATSU LTD 2.06 1.95 1.75 1.59 1.07 1.14 1.08 1.04 8.16 9.26 8.33 7.67 7.83 8.75 7.42 6.92 11.85 15.06 12.07 10.80 10.26 1.90 2.13 2.27 2.41 2.26 2726.11 23.2%
HITACHI CONSTRUCTION MACHINE 1.32 1.23 1.16 1.10 0.53 0.56 0.54 0.52 6.62 6.01 6.19 6.80 8.28 9.18 7.73 6.93 17.51 14.13 13.35 11.56 1.49 1.97 2.08 2.26 2141.33 7.0%
NITTAN VALVE CO LTD 0.25 8.36
TOYO DENKI SEIZO -TOYO ELEC 0.97 0.93 0.91 0.87 0.37 0.44 0.39 0.36 7.33 5.38 9.22 7.51 8.61 13.98 9.51 7.54 20.99 47.36 21.14 14.65 2.03 2.03 2.03 2.03 230.00 -22.3%
ALTRA HOLDINGS INC 2.99 2.63 2.18 1.02 0.99 0.94 13.44 9.22 8.59 8.71 7.86 7.15 19.69 15.19 12.98 0.58 1.03 1.31 28.80 4.5%
ATLAS COPCO AB-A SHS 6.39 5.55 4.75 4.11 2.44 2.46 2.36 2.23 2.17 15.24 14.02 13.67 13.27 10.45 10.57 10.00 9.34 9.57 16.18 16.35 15.24 13.96 3.11 3.19 3.40 3.63 190.61 3.0%
BRIGGS & STRATTON 1.66 1.74 1.59 0.55 0.60 0.58 0.55 0.53 14.70 5.94 8.78 7.94 7.48 8.95 8.41 7.75 6.79 20.40 17.56 15.06 12.30 11.24 1.77 1.93 1.93 25.50 2.6%
CATERPILLAR INC 3.24 2.65 2.20 1.92 0.88 0.91 0.84 0.78 0.57 7.36 7.23 6.36 5.48 5.67 6.09 5.29 4.68 9.75 11.02 9.40 7.94 2.22 2.30 2.43 2.48 112.65 27.2%
CUMMINS INC 3.30 2.81 2.36 2.00 1.30 1.29 1.18 1.05 11.35 10.90 9.02 8.18 8.51 8.14 7.04 6.29 13.93 13.34 11.34 9.50 1.54 1.78 1.82 2.02 132.38 13.1%
CONCENTRIC AB 3.17 3.82 3.35 3.03 1.47 1.46 1.34 1.29 1.20 12.49 11.78 9.95 9.54 8.67 7.47 6.88 6.70 6.03 16.19 15.12 13.05 12.30 2.81 3.79 4.06 4.39 66.75 -6.3%
CHINA YUCHAI INTL LTD 0.26 0.26 0.24 3.09 3.07 2.77 5.97 4.83 16.00 3.2%
DEUTZ AG 1.18 1.10 1.01 0.93 0.82 0.35 0.40 0.38 0.35 0.35 4.47 5.24 4.65 4.22 3.27 4.06 5.33 4.80 4.25 3.59 8.02 20.23 13.16 10.09 7.73 0.25 0.00 4.16 1.27 1.73 4.13 -4.6%
FLSMIDTH & CO A/S 2.00 1.86 1.68 1.52 0.78 0.69 0.70 0.68 0.68 11.79 9.47 8.15 8.56 8.04 7.69 6.83 6.42 12.16 11.89 10.28 9.53 2.72 2.84 3.22 3.27 431.50 17.9%
JOY GLOBAL INC 2.52 2.14 1.80 1.49 1.20 1.30 1.30 1.19 0.97 8.22 8.03 8.20 6.86 5.79 6.72 6.59 5.96 8.76 9.99 9.64 8.39 1.13 1.13 1.15 1.17 76.40 22.8%
METSO OYJ 2.15 2.08 1.96 1.83 0.65 0.67 0.68 0.64 0.63 10.70 9.83 9.24 9.98 6.77 6.84 6.73 6.15 5.98 11.27 11.86 11.54 10.12 5.50 5.68 5.82 6.04 35.43 10.0%
MANITOWOC COMPANY INC 4.61 3.57 2.94 2.37 0.70 0.64 0.59 0.57 12.40 9.92 8.34 7.83 11.00 8.91 7.73 6.87 28.05 16.14 11.77 10.14 0.39 0.39 0.40 0.44 22.00 6.8%
OUTOTEC OYJ 4.72 3.97 3.49 2.90 1.10 1.02 1.02 0.94 0.96 15.55 13.61 13.19 12.34 9.60 8.38 8.37 7.42 6.90 17.60 15.19 14.85 13.15 18.17 2.30 2.69 2.87 3.16 51.98 6.3%
ASTEC INDUSTRIES INC 1.64 1.50 0.82 0.82 0.76 0.68 0.59 9.31 8.32 6.95 6.17 21.68 18.64 14.98 11.66 9.43 35.43 -1.7%
SANY HEAVY INDUSTRY CO LTD-A 3.97 3.43 2.68 2.01 1.55 1.62 1.43 1.21 34.42 9.83 8.92 7.71 8.12 9.29 8.02 7.34 8.89 12.07 10.07 8.35 1.31 1.43 1.62 1.87 12.67 19.5%
FLSMIDTH & CO A/S 2.00 1.86 1.68 1.52 0.78 0.69 0.70 0.68 0.68 11.79 9.47 8.15 8.56 8.04 7.69 6.83 6.42 12.16 11.89 10.28 9.53 2.72 2.84 3.22 3.27 431.50 17.9%
OUTOTEC OYJ 4.72 3.97 3.49 2.90 1.10 1.02 1.02 0.94 0.96 15.55 13.61 13.19 12.34 9.60 8.38 8.37 7.42 6.90 17.60 15.19 14.85 13.15 18.17 2.30 2.69 2.87 3.16 51.98 6.3%
METSO OYJ 2.15 2.08 1.96 1.83 0.65 0.67 0.68 0.64 0.63 10.70 9.83 9.24 9.98 6.77 6.84 6.73 6.15 5.98 11.27 11.86 11.54 10.12 5.50 5.68 5.82 6.04 35.43 10.0%
POWER SOLUTIONS INTERNATIONA 8.94 6.64 4.65 2.42 1.05 0.93 0.67 0.53 0.42 23.24 17.69 13.95 9.15 7.57 29.68 23.96 15.34 12.49 8.97 27.00 16.2%
SANDVIK AB 3.40 3.36 2.91 2.53 1.34 1.40 1.35 1.30 1.28 12.39 10.01 8.74 8.34 8.48 8.35 7.65 7.17 7.42 13.63 14.18 12.45 11.36 3.53 3.67 4.07 4.34 109.55 4.5%
TEREX CORP 1.59 1.53 1.31 1.11 0.51 0.47 0.44 0.40 9.67 8.02 6.48 5.44 8.35 7.02 5.93 5.00 16.87 13.07 9.94 7.81 38.15 11.5%
TOGNUM AG
TWIN DISC INC 2.05 1.99 1.80 0.80 1.02 0.97 0.87 4.84 12.29 10.11 6.25 9.08 37.66 26.98 14.42 1.35 1.43 1.43 23.00 -8.8%
AMERCO 15.10 12.92 11.86 167.00 0.6%
WARTSILA OYJ ABP 3.95 3.54 3.18 2.85 1.49 1.40 1.30 1.22 1.20 17.47 13.15 12.82 12.77 12.01 10.99 10.01 9.15 8.68 19.72 17.75 15.43 13.65 2.79 3.05 3.38 3.74 34.30 -3.8%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and
markets construction machinery. The Company's products include concrete
machinery, cranes, road machinery, drilling equipment, and other heavy
construction equipment. Zoomlion also produces environmental machinery and
satellite navigation products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.05.2012) 11.28
52-Week Low (05.09.2012) 7.71
Daily Volume
8.47
52-Week High % Change -24.91% Dividend Yield 2.95
52-Week Low % Change 9.86% Beta 1.04
% 52 Week Price Range High/Low 18.77% Equity Float 3'237.84
Shares Out 30.09.2012 6'275.9 Short Int -
63'706.51 1 Yr Total Return -9.95%
Total Debt 18'105.00 YTD Return -8.03%
Preferred Stock 0.0 Adjusted BETA 1.037
Minority Interest 188.0 Analyst Recs 19
Cash and Equivalents 16'002.00 Consensus Rating 4.579
Enterprise Value 62'238.19
Average Volume 5 Day 43'815'290
000157 CH EQUITY YTD Change - Average Volume 30 Day 75'699'920
000157 CH EQUITY YTD % CHANGE - Average Volume 3 Month 73'325'140
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
8'973.0 13'548.0 20'654.2 32'015.5 46'323.0 41'271.0 51'964.5 50'929.0 56'235.0 11'695.5 -
5.00x 1.93x - 2.51x 1.30x 7.10x 4.31x 1.18x 1.11x 5.48x -
1'541.0 2'280.0 3'363.1 6'210.3 10'212.0 0.0 0.0 11'462.0 11'822.4 - -
29.12x 11.47x - 12.93x 5.90x 0.00x 0.00x 5.43x 5.26x - -
1'439.0 1'544.0 2'446.4 4'665.6 8'066.0 7'500.8 9'063.9 8'568.1 9'395.6 730.0 2'246.0
- - - 19.85x 6.46x 6.63x 6.10x 7.65x 6.91x 7.05x 5.84x
EBITDA 10'212.00 Long-Term Rating Date 16.03.2012
EBIT 9'756.00 Long-Term Rating BB+
Operating Margin 21.06% Long-Term Outlook STABLE
Pretax Margin 20.73% Short-Term Rating Date -
Return on Assets 11.98% Short-Term Rating -
Return on Common Equity 25.68%
Return on Capital 16.60% EBITDA/Interest Exp. 19.91
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 17.04
Net Debt/EBITDA 0.21
Gross Margin 32.4% Total Debt/EBITDA 1.77
EBITDA Margin 22.0%
EBIT Margin 21.1% Total Debt/Equity 51.1%
Net Income Margin 17.4% Total Debt/Capital 33.7%
Asset Turnover 0.69
Current Ratio 1.80 Net Fixed Asset Turnover 8.03
Quick Ratio 1.04 Accounts receivable turnover-days 76.28
Debt to Assets 25.31% Inventory Days 106.85
Tot Debt to Common Equity 51.13% Accounts Payable Turnover Day 79.24
Accounts Receivable Turnover 4.78 Cash Conversion Cycle 103.89
Inventory Turnover 3.42
Fiscal Year Ended
Zoomlion Heavy Industry Science and Technology Co LtdPrice/Volume
Valuation Analysis
58'510'623.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HUNAN STE-OWNED ASSE n/a Co File 1'247'379'996 19.88 - 30.06.2011 Corporation
CHANGSHA HESHENG TEC n/a Co File 394'159'949 6.28 - 30.06.2011 Corporation
GOOD EXCEL GROUP LTD n/a EXCH 374'822'128 5.97 - 25.05.2012 Corporation
CHANGSHA YIFANG TECH n/a Co File 246'645'051 3.93 - 30.06.2011 Corporation
REAL SMART INTERNATI n/a EXCH 182'099'602 2.9 - 25.05.2012 Corporation
HONGYI INVESTMENT BJ n/a EXCH 171'047'500 2.73 - 25.05.2012 n/a
E FUND MANAGEMENT Multiple Portfolios MF-AGG 153'521'507 2.45 76'417'065 30.06.2012 Investment Advisor
CHINA CONSTRUCTION I n/a EXCH 151'164'554 2.41 - 30.06.2012 Government
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 150'569'738 2.4 56'672'629 30.06.2012 Investment Advisor
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 111'766'269 1.78 76'609'078 30.06.2012 Investment Advisor
YOUNGOR INVESTMENT C n/a Co File 97'500'000 1.55 - 30.06.2010 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 89'163'931 1.42 38'225'084 30.06.2012 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 88'437'001 1.41 78'958'247 30.06.2012 Investment Advisor
XIANGJIANG INDUS INV n/a Co File 87'790'815 1.4 - 30.06.2011 Other
GUANGDONG HENGJIAN I n/a Co File 82'719'000 1.32 - 30.06.2011 Government
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 50'951'711 0.81 33'231'800 30.06.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 45'094'113 0.72 22'304'456 30.06.2012 Investment Advisor
SWS MU FUND MANAGEME Multiple Portfolios MF-AGG 35'449'870 0.56 13'230'082 30.06.2012 Investment Advisor
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 32'433'829 0.52 1'759'803 30.06.2012 Investment Advisor
CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 30'991'430 0.49 - 15.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
PingAn Securities GUOJI YE buy 5 M #N/A N/A Not Provided 04.03.2013
Guotai Junan LU JUAN buy 5 M 13 12 month 26.02.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 M 12 6 month 25.02.2013
Goldman Sachs TIAN LU Buy/Neutral 5 M 12 12 month 13.02.2013
Northeast Securities Co Ltd JIANGTAO WU buy 5 M 12 12 month 31.01.2013
Citic Securities Co., Ltd XIAOBO XUE buy 5 M 31 6 month 30.01.2013
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 24.01.2013
Jefferies JULIAN BU underperform 1 M 7 12 month 08.01.2013
HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012
Fortune CLSA Securities Limited YANG YAN buy 5 M 13 12 month 15.11.2012
Capital Securities Corp HAN WEIQI buy 5 M 10 Not Provided 01.11.2012
Bank of China International LEVI SHI hold 3 M 9 Not Provided 31.10.2012
Sinolink Securities Co Ltd DONGYA GUANG add 4 N #N/A N/A Not Provided 03.09.2012
China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 20.07.2012
China Securities Co., Ltd FUZHANG FENG add 4 M 13 Not Provided 25.06.2012
China Merchants Securities LIU RONG strong buy 5 M #N/A N/A Not Provided 27.04.2012
Industrial Securities WU HUA buy 5 M #N/A N/A Not Provided 26.04.2012
Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 23.03.2012
Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 06.02.2012
China Investment Securities LI QIN neutral 3 D #N/A N/A Not Provided 02.06.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 26.05.2011
Guodu Securities Co Ltd WEI JING buy 5 D #N/A N/A Not Provided 13.05.2011
Hong Yuan Securities XUN JIAN add 4 N #N/A N/A Not Provided 29.03.2011
China Galaxy Securities JU HOULIN buy 5 M #N/A N/A Not Provided 09.06.2010
China Minzu Securities Co Ltd CAIXIA FU buy 5 M #N/A N/A Not Provided 08.03.2010
Holdings By:
Zoomlion Heavy Industry Science and Technology Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
XCMG Construction Machinery Co., Ltd. manufactures and markets a variety of
construction machinery including road construction machinery, scrapers, concrete
mixers and other related products.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.05.2012) 16.06
52-Week Low (04.12.2012) 9.58
Daily Volume
11.42
52-Week High % Change -28.89% Dividend Yield -
52-Week Low % Change 19.21% Beta 1.04
% 52 Week Price Range High/Low 26.54% Equity Float 758.37
Shares Out 30.09.2012 2'062.8 Short Int -
23'556.70 1 Yr Total Return -23.60%
Total Debt 12'276.30 YTD Return -0.95%
Preferred Stock 0.0 Adjusted BETA 1.036
Minority Interest 12.8 Analyst Recs 7
Cash and Equivalents 8'367.64 Consensus Rating 4.000
Enterprise Value 33'430.55
Average Volume 5 Day 6'701'713
000425 CH EQUITY YTD Change - Average Volume 30 Day 13'140'860
000425 CH EQUITY YTD % CHANGE - Average Volume 3 Month 16'357'180
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'255.9 15'840.3 20'617.9 25'662.3 32'850.4 0.0 0.0 32'258.3 35'385.0 7'888.5 -
3.92x 0.63x 1.49x 2.19x 1.01x #DIV/0! #DIV/0! 0.84x 0.82x 2.99x -
111.5 1'760.7 2'240.6 3'565.8 4'297.0 0.0 0.0 3'280.0 4'024.0 0.0 -
114.53x 5.69x 13.68x 15.74x 7.74x 0.00x 0.00x 10.19x 8.31x - -
24.7 1'495.7 1'741.3 2'934.9 3'378.6 0.0 0.0 2'413.0 2'852.0 347.0 -
445.00x 9.04x 17.47x 17.65x 8.67x 0.00x 0.00x 8.54x 7.65x - -
EBITDA 4'296.98 Long-Term Rating Date -
EBIT 3'976.15 Long-Term Rating -
Operating Margin 12.10% Long-Term Outlook -
Pretax Margin 12.02% Short-Term Rating Date -
Return on Assets 6.87% Short-Term Rating -
Return on Common Equity 16.13%
Return on Capital - EBITDA/Interest Exp. 21.95
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 7.53
Net Debt/EBITDA -
Gross Margin 20.4% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 9.8% Total Debt/Equity 81.1%
Net Income Margin 10.3% Total Debt/Capital 44.8%
Asset Turnover 0.88
Current Ratio 1.71 Net Fixed Asset Turnover 5.80
Quick Ratio 1.16 Accounts receivable turnover-days 162.72
Debt to Assets 35.36% Inventory Days 82.42
Tot Debt to Common Equity 81.07% Accounts Payable Turnover Day 64.85
Accounts Receivable Turnover 2.25 Cash Conversion Cycle 118.68
Inventory Turnover 4.44
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
XCMG Construction Machinery Co LtdPrice/Volume
Valuation Analysis
8'498'964.00
Current Price (3/dd/yy) Market Data
&&&&&------
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
XUGONG GROUP MACHINE n/a Co File 1'014'941'488 49.2 - 30.06.2011 Corporation
YOUNGOR INVESTMENT C n/a Co File 78'600'000 3.81 - 30.06.2011 Investment Advisor
SH RURAL COMM BANK C n/a Co File 70'808'930 3.43 - 30.06.2011 Bank
ZHONGCAI MINGYUAN IN n/a Co File 65'600'000 3.18 - 30.06.2011 Other
SZ PINGAN VEN CAP n/a Co File 65'400'000 3.17 - 30.06.2011 n/a
SH ZHONGCHUANGXIN IN n/a Co File 32'800'000 1.59 - 30.06.2011 Other
JS HIGH HOPE INTL n/a Co File 26'000'000 1.26 - 30.07.2011 Corporation
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 25'497'616 1.24 15'172'311 30.06.2012 Investment Advisor
AEROSPACE SCI & TECH n/a Co File 21'000'000 1.02 - 30.06.2011 Corporation
E FUND MANAGEMENT Multiple Portfolios MF-AGG 20'979'251 1.02 4'716'014 30.06.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 18'471'496 0.9 15'377'596 30.06.2012 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 14'397'800 0.7 2'203'428 30.06.2012 Investment Advisor
SWS MU FUND MANAGEME Multiple Portfolios MF-AGG 9'595'650 0.47 5'195'878 30.06.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 6'530'817 0.32 2'015'977 30.06.2012 Investment Advisor
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 6'404'319 0.31 3'370'794 30.06.2012 Investment Advisor
CHANG XIN ASSET MANA Multiple Portfolios MF-AGG 6'229'599 0.3 (1'432'744) 30.06.2012 Investment Advisor
HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 5'742'763 0.28 5'473'545 30.06.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 5'250'976 0.25 387'623 30.06.2012 Investment Advisor
E FUND MANAGEMENT Multiple Portfolios MF-AGG 3'691'366 0.18 - 15.03.2013 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 3'538'411 0.17 3'538'211 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JULIAN BU underperform 1 M 14 12 month 06.03.2013
Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 30.01.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 U 14 12 month 16.01.2013
Capital Securities Corp HAN WEIQI hold 3 M 14 Not Provided 31.10.2012
Sinolink Securities Co Ltd DONG YAGUANG add 4 N #N/A N/A Not Provided 31.10.2012
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 08.06.2012
Industrial Securities WU HUA buy 5 D #N/A N/A Not Provided 02.11.2011
Chang Jiang Securities Co. Limited LIU YUANRUI add 4 M #N/A N/A Not Provided 11.08.2011
Northeast Securities Co Ltd LIU LIXI buy 5 M 31 12 month 27.07.2011
China Investment Securities LI QIN neutral 3 D #N/A N/A Not Provided 02.06.2011
Guodu Securities Co Ltd WEI JING buy 5 M #N/A N/A Not Provided 13.05.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 28.04.2011
China Merchants Securities LIU RONG buy 5 D #N/A N/A Not Provided 05.01.2011
China Securities Co., Ltd GAO XIAOCHUN buy 5 N 30 Not Provided 08.12.2010
Bank of China International LEVI SHI buy 5 M 27 Not Provided 26.10.2010
China Galaxy Securities JU HOULIN buy 5 M #N/A N/A Not Provided 10.05.2010
China Minzu Securities Co Ltd GUAN JIANXIN buy 5 N #N/A N/A Not Provided 28.04.2010
Central China Securities LU YONGGUANG buy 5 M #N/A N/A Not Provided 09.02.2010
ZheShang Securities XU GUANGBING buy 5 N 23 6 month 09.02.2010
Holdings By:
XCMG Construction Machinery Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Kunming Yunnei Power Co., Ltd. manufactures and markets a variety of diesel
engines and related parts. The Company also manufactures and sells light duty
trucks.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.02.2013) 5.85
52-Week Low (09.07.2012) 4.00
Daily Volume
5.07
52-Week High % Change -13.33% Dividend Yield -
52-Week Low % Change 26.75% Beta 1.03
% 52 Week Price Range High/Low 57.30% Equity Float 411.51
Shares Out 30.06.2012 680.8 Short Int -
3'451.45 1 Yr Total Return 10.95%
Total Debt 460.08 YTD Return 9.03%
Preferred Stock 0.0 Adjusted BETA 1.027
Minority Interest 9.3 Analyst Recs 0
Cash and Equivalents 602.22 Consensus Rating -
Enterprise Value 4'560.75
Average Volume 5 Day 7'722'485
000903 CH EQUITY YTD Change - Average Volume 30 Day 13'674'780
000903 CH EQUITY YTD % CHANGE - Average Volume 3 Month 11'543'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'942.6 1'786.3 2'481.3 2'318.5 2'193.2 2'280.2 2'150.3 - - - -
3.14x 0.73x 1.87x 2.72x 1.19x 8.90x 5.60x - - - -
232.5 106.1 111.4 61.0 103.4 0.0 0.0 - - - -
26.21x 12.26x 41.58x 103.58x 25.30x 0.00x 0.00x - - - -
201.6 135.6 169.9 134.5 39.9 88.1 66.1 - - - -
27.89x 14.02x 30.36x 49.44x 68.47x 44.88x 42.66x - - - -
EBITDA 103.45 Long-Term Rating Date -
EBIT 5.31 Long-Term Rating -
Operating Margin 0.24% Long-Term Outlook -
Pretax Margin 0.79% Short-Term Rating Date -
Return on Assets 1.35% Short-Term Rating -
Return on Common Equity 2.57%
Return on Capital - EBITDA/Interest Exp. 3.28
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -6.67
Net Debt/EBITDA -
Gross Margin 13.4% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 2.0% Total Debt/Equity 17.9%
Net Income Margin 1.8% Total Debt/Capital 15.1%
Asset Turnover 0.44
Current Ratio 1.17 Net Fixed Asset Turnover 1.11
Quick Ratio 0.86 Accounts receivable turnover-days 150.33
Debt to Assets 10.35% Inventory Days 98.77
Tot Debt to Common Equity 17.88% Accounts Payable Turnover Day 158.97
Accounts Receivable Turnover 2.43 Cash Conversion Cycle 86.46
Inventory Turnover 3.71
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kunming Yunnei Power Co LtdPrice/Volume
Valuation Analysis
5'603'114.00
Current Price (3/dd/yy) Market Data
&
-
.
0
1
2
3
4
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YUNNAN INTERNAL COMB n/a Co File 259'640'640 38.14 - 30.06.2012 Corporation
CHINA SECURITIES CO n/a Co File 13'556'624 1.99 - 30.06.2012 Corporation
HUANG ZHAO n/a Co File 2'258'487 0.33 - 30.06.2012 n/a
CHINA MERCHANTS SECU n/a Co File 1'860'000 0.27 - 30.06.2012 Corporation
HUANG MIN n/a Co File 1'676'359 0.25 - 30.06.2012 n/a
YANG MINGXIAO n/a Co File 1'535'299 0.23 - 30.06.2012 n/a
CHEN LILI n/a Co File 1'436'405 0.21 - 30.06.2012 n/a
WANG XUFEN n/a Co File 1'432'360 0.21 - 30.06.2012 n/a
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1'394'074 0.2 103'459 30.06.2012 Investment Advisor
CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'369'966 0.2 645'090 30.06.2012 Investment Advisor
XIONG YINHUA n/a Co File 1'269'900 0.19 - 30.06.2012 n/a
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 969'372 0.14 44'478 30.06.2012 Investment Advisor
PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 277'081 0.04 (1'692) 30.06.2012 Investment Advisor
WANJIA ASSET MANAGEM Multiple Portfolios MF-AGG 261'161 0.04 49'731 30.06.2012 Investment Advisor
BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 91'307 0.01 (4'698) 30.06.2012 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 71'627 0.01 (42'100) 30.06.2012 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 31'929 0 (26'573) 30.06.2012 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 25'570 0 (1'167'100) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sealand Securities JULIAN BU underperform 1 M 14 12 month 06.03.2013
Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 30.01.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 U 14 12 month 16.01.2013
Capital Securities Corp HAN WEIQI hold 3 M 14 Not Provided 31.10.2012
Sinolink Securities Co Ltd DONG YAGUANG add 4 N #N/A N/A Not Provided 31.10.2012
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 08.06.2012
Industrial Securities WU HUA buy 5 D #N/A N/A Not Provided 02.11.2011
Chang Jiang Securities Co. Limited LIU YUANRUI add 4 M #N/A N/A Not Provided 11.08.2011
Northeast Securities Co Ltd LIU LIXI buy 5 M 31 12 month 27.07.2011
China Investment Securities LI QIN neutral 3 D #N/A N/A Not Provided 02.06.2011
Guodu Securities Co Ltd WEI JING buy 5 M #N/A N/A Not Provided 13.05.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 28.04.2011
China Merchants Securities LIU RONG buy 5 D #N/A N/A Not Provided 05.01.2011
China Securities Co., Ltd GAO XIAOCHUN buy 5 N 30 Not Provided 08.12.2010
Bank of China International LEVI SHI buy 5 M 27 Not Provided 26.10.2010
China Galaxy Securities JU HOULIN buy 5 M #N/A N/A Not Provided 10.05.2010
China Minzu Securities Co Ltd GUAN JIANXIN buy 5 N #N/A N/A Not Provided 28.04.2010
Central China Securities LU YONGGUANG buy 5 M #N/A N/A Not Provided 09.02.2010
ZheShang Securities XU GUANGBING buy 5 N 23 6 month 09.02.2010
Holdings By:
Kunming Yunnei Power Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Doosan Infracore Co., Ltd. manufactures machinery for construction.
The Company's products include construction equipment, industrial vehicles,
diesel engines, power generators, machine tools, factory automation system, and
other products, such as armored vehicles for the defense industry.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.03.2012) 23'850.00
52-Week Low (23.11.2012) 15'100.00
Daily Volume
15250
52-Week High % Change -36.06% Dividend Yield 0.00
52-Week Low % Change 0.99% Beta 1.22
% 52 Week Price Range High/Low 1.14% Equity Float 86.53
Shares Out 31.12.2012 168.7 Short Int -
2'572'035.00 1 Yr Total Return -34.27%
Total Debt 2'651'171.22 YTD Return -10.29%
Preferred Stock 0.0 Adjusted BETA 1.216
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 186'245.33 Consensus Rating 4.259
Enterprise Value 5'076'883.55
Average Volume 5 Day 882'759
042670 KS EQUITY YTD Change - Average Volume 30 Day 920'222
042670 KS EQUITY YTD % CHANGE - Average Volume 3 Month 956'040
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'963'379.0 2'663'206.1 3'879'948.0 4'426'917.0 4'243'618.7 0.0 0.0 - - - -
0.95x 1.97x 1.73x 1.24x - #DIV/0! #DIV/0! - - - -
418'027.2 298'457.3 613'796.0 456'701.0 - 0.0 0.0 - - - -
9.05x 17.60x 10.96x 11.99x - 0.00x 0.00x - - - -
(121'818.1) (311'103.7) 189'658.8 313'803.0 (121'315.6) 0.0 0.0 - - - -
- - 27.61x 12.35x - 0.00x 0.00x 27.39x 11.35x - -
EBITDA 456'701.01 Long-Term Rating Date -
EBIT 53'691.38 Long-Term Rating -
Operating Margin 1.27% Long-Term Outlook -
Pretax Margin 7.35% Short-Term Rating Date -
Return on Assets 5.83% Short-Term Rating -
Return on Common Equity 20.11%
Return on Capital 10.27% EBITDA/Interest Exp. 3.76
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 2.49
Net Debt/EBITDA 5.38
Gross Margin 21.5% Total Debt/EBITDA 5.81
EBITDA Margin 10.3%
EBIT Margin 1.3% Total Debt/Equity 157.0%
Net Income Margin -2.9% Total Debt/Capital 61.1%
Asset Turnover 0.82
Current Ratio 0.92 Net Fixed Asset Turnover 3.50
Quick Ratio 0.52 Accounts receivable turnover-days 65.97
Debt to Assets 45.36% Inventory Days 55.70
Tot Debt to Common Equity 157.00% Accounts Payable Turnover Day 52.29
Accounts Receivable Turnover 5.53 Cash Conversion Cycle 69.37
Inventory Turnover 6.55
Fiscal Year Ended
Doosan Infracore Co LtdPrice/Volume
Valuation Analysis
1'125'923.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&&&&&------
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DOOSAN HEAVY INDUSTR n/a Co File 75'509'366 44.77 - 31.12.2011 Corporation
MIRAE ASSET GLOBAL I n/a EXCH 13'950'352 8.27 5'270'588 31.03.2010 Investment Advisor
NATIONAL PENSION SER n/a EXCH 6'345'610 3.76 (2'302'448) 10.04.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'176'490 3.07 (59'430) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'401'820 1.42 4'450 13.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'471'368 0.87 (3'202'660) 28.09.2012 Unclassified
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'441'520 0.85 (718'260) 28.09.2012 Mutual Fund Manager
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'175'487 0.7 (414'330) 28.09.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'003'195 0.59 194'480 28.09.2012 Investment Advisor
TRUSTON ASSET MANAGE Multiple Portfolios MF-AGG 802'130 0.48 278'820 28.09.2012 Mutual Fund Manager
HI ASSET MANAGEMENT Multiple Portfolios MF-AGG 564'228 0.33 561'868 28.09.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 554'919 0.33 545'445 28.09.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 445'764 0.26 (168'806) 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 340'940 0.2 - 31.07.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 314'440 0.19 25'320 31.10.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 241'654 0.14 126'812 28.09.2012 Mutual Fund Manager
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 207'180 0.12 20'970 31.12.2012 Investment Advisor
KTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 200'926 0.12 178'084 28.09.2012 Mutual Fund Manager
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 194'090 0.12 (95'480) 28.09.2012 Mutual Fund Manager
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 165'432 0.1 36'600 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daishin Securities Co., Ltd. JEON JAE-CHEON buy 5 M 21'000 6 month 14.03.2013
Shinyoung Securities Co., Ltd. JAE-SEUNG KIM buy 5 N 20'000 12 month 14.03.2013
HSBC PAUL CHOI overweight 5 M 23'000 Not Provided 12.03.2013
Hanwha Securities Co., Ltd DONG-IK JEONG outperform 5 M 18'000 6 month 11.03.2013
Woori Investment & Securities HAH SUK-WON PAUL buy 5 M 18'000 12 month 18.02.2013
KIWOOM Securities Co Ltd CHOI WON-KYUNG buy 5 M 20'000 6 month 18.02.2013
Daiwa Securities Co. Ltd. MIKE OH hold 3 M 16'500 Not Provided 15.02.2013
Morgan Stanley YOUNG SUK SHIN Underwt/In-Line 1 M 14'000 12 month 06.02.2013
HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 20'000 6 month 06.02.2013
Tong Yang Investment Bank LEE JAE-WON buy 5 M 21'000 12 month 06.02.2013
JPMorgan PARK WAN SUN overweight 5 M 19'000 9 month 06.02.2013
E*Trade Securities Korea PARK MOO-HYUN buy 5 M 21'000 12 month 06.02.2013
LIG Investment Securities CHOI GWANG-SHIK buy 5 M 21'000 12 month 06.02.2013
Samsung Securities YOUNGSOO HAN hold 3 M 17'400 12 month 05.02.2013
Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 23'000 12 month 30.01.2013
Daewoo Securities SUNG KI-JONG buy 5 M 22'000 12 month 29.01.2013
SK Securities Co Ltd LEE JI-HOON buy 5 M 21'000 6 month 29.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Nomura ANGELA HONG buy 5 M 23'000 Not Provided 10.01.2013
IBK Securities Co Ltd JIN-HO HONG buy 5 M 24'000 Not Provided 10.01.2013
Korea Investment & Securities RICHARD PARK hold 3 M #N/A N/A Not Provided 18.12.2012
Hana Daetoo Securities SANG-WOO LEE buy 5 M 21'300 12 month 05.11.2012
Hyundai Securities LEE SANG-HWA buy 5 M 20'000 Not Provided 26.10.2012
KTB Securities HYUN JIN KWON buy 5 M 27'000 12 month 30.07.2012
BS Securities Co Ltd KWAK MIN-JUNG buy 5 N 26'000 6 month 27.04.2012
Deutsche Bank CHANWOOK PARK not rated #N/A N/A M #N/A N/A Not Provided 28.02.2011
Holdings By:
Doosan Infracore Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
STX Engine Co., Ltd. develops and manufactures marine diesel engine and
engines and related parts. The Company also manufactures and sells light duty
trucks.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2012) 20'900.00
52-Week Low (16.11.2012) 7'320.00
Daily Volume
8220
52-Week High % Change -60.67% Dividend Yield 3.04
52-Week Low % Change 12.30% Beta 1.33
% 52 Week Price Range High/Low 5.01% Equity Float 17.92
Shares Out 31.12.2012 28.7 Short Int -
235'723.56 1 Yr Total Return -59.90%
Total Debt 582'735.26 YTD Return -11.42%
Preferred Stock 3.5 Adjusted BETA 1.325
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 27'278.15 Consensus Rating 2.500
Enterprise Value 876'024.98
Average Volume 5 Day 81'796
077970 KS EQUITY YTD Change - Average Volume 30 Day 81'876
077970 KS EQUITY YTD % CHANGE - Average Volume 3 Month 111'323
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'492'509.5 1'607'664.2 1'220'718.5 1'295'460.5 1'075'021.1 ######### ######### - - - -
0.29x 0.45x 1.10x 0.73x - 2.43x 2.65x - - - -
223'842.7 223'236.2 122'362.9 124'899.6 - 124'898.6 53'025.9 - - - -
1.93x 3.25x 10.93x 7.56x - 7.56x 0.00x - - - -
96'747.1 60'458.4 58'350.8 63'931.2 (58'633.3) 63'930.9 (58'633.3) - - - -
4.77x 9.08x 17.05x 6.08x - 6.08x 0.00x - - - -
EBITDA 124'899.61 Long-Term Rating Date -
EBIT 42'180.60 Long-Term Rating -
Operating Margin 3.92% Long-Term Outlook -
Pretax Margin 7.05% Short-Term Rating Date -
Return on Assets 3.26% Short-Term Rating -
Return on Common Equity 8.39%
Return on Capital 6.81% EBITDA/Interest Exp. 4.29
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 3.91
Net Debt/EBITDA 4.38
Gross Margin 12.9% Total Debt/EBITDA 4.67
EBITDA Margin 9.6%
EBIT Margin 3.9% Total Debt/Equity 73.9%
Net Income Margin -5.5% Total Debt/Capital 42.5%
Asset Turnover 0.66
Current Ratio 0.78 Net Fixed Asset Turnover 3.62
Quick Ratio 0.48 Accounts receivable turnover-days 125.04
Debt to Assets 27.93% Inventory Days 64.69
Tot Debt to Common Equity 73.86% Accounts Payable Turnover Day 61.51
Accounts Receivable Turnover 2.92 Cash Conversion Cycle 128.22
Inventory Turnover 5.64
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
STX Engine Co LtdPrice/Volume
Valuation Analysis
147'217.00
Current Price (3/dd/yy) Market Data
&
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400'000.0
600'000.0
800'000.0
1'000'000.0
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1'400'000.0
1'600'000.0
1'800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STX CORP n/a Co File 259'640'640 38.14 - 30.06.2012 Corporation
CHINA SECURITIES CO n/a Co File 13'556'624 1.99 - 30.06.2012 Corporation
HUANG ZHAO n/a Co File 2'258'487 0.33 - 30.06.2012 n/a
CHINA MERCHANTS SECU n/a Co File 1'860'000 0.27 - 30.06.2012 Corporation
HUANG MIN n/a Co File 1'676'359 0.25 - 30.06.2012 n/a
YANG MINGXIAO n/a Co File 1'535'299 0.23 - 30.06.2012 n/a
CHEN LILI n/a Co File 1'436'405 0.21 - 30.06.2012 n/a
WANG XUFEN n/a Co File 1'432'360 0.21 - 30.06.2012 n/a
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1'394'074 0.2 103'459 30.06.2012 Investment Advisor
CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'369'966 0.2 645'090 30.06.2012 Investment Advisor
XIONG YINHUA n/a Co File 1'269'900 0.19 - 30.06.2012 n/a
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 969'372 0.14 44'478 30.06.2012 Investment Advisor
PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 277'081 0.04 (1'692) 30.06.2012 Investment Advisor
WANJIA ASSET MANAGEM Multiple Portfolios MF-AGG 261'161 0.04 49'731 30.06.2012 Investment Advisor
BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 91'307 0.01 (4'698) 30.06.2012 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 71'627 0.01 (42'100) 30.06.2012 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 31'929 0 (26'573) 30.06.2012 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 25'570 0 (1'167'100) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions WANG QINGTAO neutral 3 N #N/A N/A Not Provided 10.05.2011
PingAn Securities YU BING neutral 3 N #N/A N/A Not Provided 07.01.2011
Central China Securities XU MINFENG add 4 M #N/A N/A Not Provided 17.12.2010
Chang Jiang Securities Co. Limited WENZHONG SHAO buy 5 U #N/A N/A Not Provided 08.06.2010
China Merchants Securities WANG LIUSHENG buy 5 M #N/A N/A Not Provided 29.03.2010
Pacific Securities Co Ltd TAN JIJIA add 4 N #N/A N/A Not Provided 13.08.2009
Holdings By:
STX Engine Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Changchai Co., Ltd. manufactures and markets diesel engines, related spare
parts, agricultural transport vehicles, and combine harvesters.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.02.2013) 4.89
52-Week Low (31.07.2012) 2.42
Daily Volume
4.2
52-Week High % Change -14.11% Dividend Yield -
52-Week Low % Change 73.55% Beta 0.89
% 52 Week Price Range High/Low 69.64% Equity Float 146.83
Shares Out 30.09.2012 150.0 Short Int -
4'060.75 1 Yr Total Return 28.94%
Total Debt 345.08 YTD Return 17.98%
Preferred Stock 0.0 Adjusted BETA 0.890
Minority Interest 13.7 Analyst Recs 1
Cash and Equivalents 553.74 Consensus Rating 1.000
Enterprise Value 2'947.11
Average Volume 5 Day 635'303
200570 CH EQUITY YTD Change - Average Volume 30 Day 1'348'160
200570 CH EQUITY YTD % CHANGE - Average Volume 3 Month 1'270'218
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'040.5 1'907.7 2'410.6 2'845.5 3'137.0 3'127.4 2'987.8 - - - -
2.05x 0.46x 2.61x 1.57x 0.35x 3.76x 1.91x - - - -
59.5 (34.8) 139.6 164.9 80.3 0.0 0.0 - - - -
70.11x - 44.97x 27.09x 13.67x 0.00x 0.00x - - - -
168.1 (84.0) 229.0 120.5 52.9 80.3 47.2 - - - -
16.58x - 13.74x 23.74x 25.60x 18.25x 26.96x - - - -
EBITDA 80.32 Long-Term Rating Date -
EBIT 23.22 Long-Term Rating -
Operating Margin 0.74% Long-Term Outlook -
Pretax Margin 1.98% Short-Term Rating Date -
Return on Assets 1.55% Short-Term Rating -
Return on Common Equity 2.60%
Return on Capital - EBITDA/Interest Exp. 20.44
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. -13.74
Net Debt/EBITDA -
Gross Margin 8.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 0.4% Total Debt/Equity 19.8%
Net Income Margin 1.7% Total Debt/Capital 16.4%
Asset Turnover 0.98
Current Ratio 1.59 Net Fixed Asset Turnover 4.69
Quick Ratio 1.07 Accounts receivable turnover-days 87.12
Debt to Assets 12.02% Inventory Days 45.58
Tot Debt to Common Equity 19.80% Accounts Payable Turnover Day 72.58
Accounts Receivable Turnover 4.20 Cash Conversion Cycle 52.74
Inventory Turnover 8.03
Fiscal Year Ended
Changchai Co LtdPrice/Volume
Valuation Analysis
528'620.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&--..001122
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'374'000 0.92 - 31.12.2012 Investment Advisor
LI TAO n/a Co File 838'391 0.56 - 31.12.2011 n/a
SINOAUTO CO LTD n/a Co File 820'000 0.55 - 31.12.2011 Corporation
LIU GUOSHENG n/a Co File 803'583 0.54 - 31.12.2011 n/a
MA ZEQI n/a Co File 712'500 0.47 - 31.12.2011 n/a
SHANGHAI WANGUO SECU n/a Co File 551'550 0.37 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 54'400 0.04 - 13.03.2013 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 15'000 0.01 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions JEON JAE-CHEON buy 5 M 21'000 6 month 14.03.2013
Shinyoung Securities Co., Ltd. JAE-SEUNG KIM buy 5 N 20'000 12 month 14.03.2013
HSBC PAUL CHOI overweight 5 M 23'000 Not Provided 12.03.2013
Hanwha Securities Co., Ltd DONG-IK JEONG outperform 5 M 18'000 6 month 11.03.2013
Woori Investment & Securities HAH SUK-WON PAUL buy 5 M 18'000 12 month 18.02.2013
KIWOOM Securities Co Ltd CHOI WON-KYUNG buy 5 M 20'000 6 month 18.02.2013
Daiwa Securities Co. Ltd. MIKE OH hold 3 M 16'500 Not Provided 15.02.2013
Morgan Stanley YOUNG SUK SHIN Underwt/In-Line 1 M 14'000 12 month 06.02.2013
HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 20'000 6 month 06.02.2013
Tong Yang Investment Bank LEE JAE-WON buy 5 M 21'000 12 month 06.02.2013
JPMorgan PARK WAN SUN overweight 5 M 19'000 9 month 06.02.2013
E*Trade Securities Korea PARK MOO-HYUN buy 5 M 21'000 12 month 06.02.2013
LIG Investment Securities CHOI GWANG-SHIK buy 5 M 21'000 12 month 06.02.2013
Samsung Securities YOUNGSOO HAN hold 3 M 17'400 12 month 05.02.2013
Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 23'000 12 month 30.01.2013
Daewoo Securities SUNG KI-JONG buy 5 M 22'000 12 month 29.01.2013
SK Securities Co Ltd LEE JI-HOON buy 5 M 21'000 6 month 29.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Nomura ANGELA HONG buy 5 M 23'000 Not Provided 10.01.2013
IBK Securities Co Ltd JIN-HO HONG buy 5 M 24'000 Not Provided 10.01.2013
Korea Investment & Securities RICHARD PARK hold 3 M #N/A N/A Not Provided 18.12.2012
Hana Daetoo Securities SANG-WOO LEE buy 5 M 21'300 12 month 05.11.2012
Hyundai Securities LEE SANG-HWA buy 5 M 20'000 Not Provided 26.10.2012
KTB Securities HYUN JIN KWON buy 5 M 27'000 12 month 30.07.2012
BS Securities Co Ltd KWAK MIN-JUNG buy 5 N 26'000 6 month 27.04.2012
Deutsche Bank CHANWOOK PARK not rated #N/A N/A M #N/A N/A Not Provided 28.02.2011
Holdings By:
Changchai Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Sany Heavy Industry Co., Ltd. manufactures and markets construction machinery
and related parts. The Company's products include concrete pumps, concrete
pump vehicles, road rollers, pavers, and other related products. Sany Heavy
Industry sells its products under the "Sany" trade mark.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.05.2012) 15.42
52-Week Low (04.12.2012) 7.59
Daily Volume
10.6
52-Week High % Change -31.26% Dividend Yield -
52-Week Low % Change 39.66% Beta 1.37
% 52 Week Price Range High/Low 37.55% Equity Float 2'800.19
Shares Out 31.01.2013 7'616.5 Short Int -
80'734.94 1 Yr Total Return -21.27%
Total Debt 20'774.33 YTD Return 0.09%
Preferred Stock 0.0 Adjusted BETA 1.375
Minority Interest 1'090.9 Analyst Recs 24
Cash and Equivalents 10'267.72 Consensus Rating 4.333
Enterprise Value 101'539.88
Average Volume 5 Day 33'274'500
600031 CH EQUITY YTD Change - Average Volume 30 Day 51'812'150
600031 CH EQUITY YTD % CHANGE - Average Volume 3 Month 55'029'170
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
9'138.0 13'727.5 18'917.0 33'823.7 50'516.8 0.0 0.0 49'699.8 56'495.9 11'678.0 -
6.28x 1.65x 3.00x 3.37x 2.11x #DIV/0! #DIV/0! 1.82x 1.61x 7.04x -
1'838.1 2'116.6 3'880.8 7'628.2 11'310.3 0.0 0.0 10'935.5 12'666.7 596.0 -
31.24x 10.71x 14.63x 14.95x 9.44x 0.00x 0.00x 9.29x 8.02x - -
1'606.2 1'232.2 2'639.9 5'615.5 8'648.9 0.0 0.0 6'504.4 7'502.6 378.0 2'594.0
34.57x 16.88x 20.80x 19.50x 11.01x 0.00x 0.00x 12.07x 10.07x 7.97x 6.20x
EBITDA 11'310.32 Long-Term Rating Date -
EBIT 10'586.88 Long-Term Rating -
Operating Margin 20.96% Long-Term Outlook -
Pretax Margin 21.36% Short-Term Rating Date -
Return on Assets 11.32% Short-Term Rating -
Return on Common Equity 32.83%
Return on Capital - EBITDA/Interest Exp. 14.78
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 5.46
Net Debt/EBITDA -
Gross Margin 36.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 15.4% Total Debt/Equity 105.7%
Net Income Margin 17.1% Total Debt/Capital 50.0%
Asset Turnover 0.83
Current Ratio 1.46 Net Fixed Asset Turnover 3.16
Quick Ratio 0.98 Accounts receivable turnover-days 136.83
Debt to Assets 40.49% Inventory Days 103.38
Tot Debt to Common Equity 105.65% Accounts Payable Turnover Day 62.03
Accounts Receivable Turnover 2.67 Cash Conversion Cycle 103.02
Inventory Turnover 3.54
Fiscal Year Ended
Sany Heavy Industry Co LtdPrice/Volume
Valuation Analysis
27'679'763.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANY GROUP CO LTD n/a Co File 4'281'311'012 56.21 - 31.12.2011 Corporation
WENGEN LIANG n/a Co File 286'575'517 3.76 - 31.12.2011 n/a
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 104'814'907 1.38 (52'970'003) 30.06.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 69'913'905 0.92 28'093'406 30.06.2012 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 55'108'931 0.72 (24'815'213) 30.06.2012 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 53'644'369 0.7 (2'101'690) 30.06.2012 Investment Advisor
E FUND MANAGEMENT Multiple Portfolios MF-AGG 51'272'762 0.67 17'301'736 30.06.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 47'505'241 0.62 2'762'243 30.06.2012 Investment Advisor
XIUGUO TANG n/a Co File 47'284'115 0.62 - 31.12.2011 n/a
ZHONGWU MAO n/a Co File 43'231'190 0.57 - 31.12.2011 n/a
WENBO XIANG n/a Co File 43'231'189 0.57 - 31.12.2011 n/a
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 41'711'986 0.55 35'877'974 30.06.2012 Investment Advisor
DI CHUN n/a Co File 37'436'485 0.49 - 31.12.2011 n/a
JIASHI FUND MANAGEME Multiple Portfolios MF-AGG 32'309'678 0.42 14'661'349 30.06.2012 Investment Advisor
JINHUA YUAN n/a Co File 25'668'519 0.34 - 31.12.2011 n/a
CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 24'998'775 0.33 - 15.03.2013 Investment Advisor
LION FUND MANAGEMENT Multiple Portfolios MF-AGG 21'507'889 0.28 411'506 30.06.2012 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 21'215'738 0.28 3'699'331 30.06.2012 Investment Advisor
FUGUI ZHOU n/a Co File 18'913'646 0.25 - 31.12.2011 n/a
FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 18'201'141 0.24 4'466'769 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura GE WENJIE neutral 3 M 14 Not Provided 14.03.2013
Guotai Junan LU JUAN buy 5 N 12 12 month 13.03.2013
Capital Securities Corp HAN WEIQI buy 5 M 14 Not Provided 11.03.2013
PingAn Securities ZHANG WEI buy 5 M #N/A N/A Not Provided 04.03.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 M 13 12 month 09.02.2013
Goldman Sachs TIAN LU neutral/neutral 3 M 13 12 month 08.02.2013
Northeast Securities Co Ltd JIANGTAO WU buy 5 M #N/A N/A Not Provided 31.01.2013
Citic Securities Co., Ltd GUO YALING buy 5 M #N/A N/A Not Provided 30.01.2013
Bank of China International XU MINLE buy 5 U 13 12 month 28.01.2013
Jefferies JULIAN BU hold 3 M 14 12 month 23.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 14.01.2013
Credit Suisse YANG SONG underperform 1 M 9 Not Provided 17.12.2012
HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012
Hong Yuan Securities PANG LINLIN add 4 M #N/A N/A Not Provided 26.11.2012
Fortune CLSA Securities Limited YANG YAN outperform 5 M 10 12 month 15.11.2012
Sinolink Securities Co Ltd DONGYA GUANG add 4 M #N/A N/A Not Provided 07.11.2012
China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 20.07.2012
Morgan Stanley KATE ZHU restricted #N/A N/A M #N/A N/A Not Provided 27.06.2012
China Securities Co., Ltd FUZHANG FENG buy 5 M 16 Not Provided 25.06.2012
China Investment Securities OUYANG JUN buy 5 M #N/A N/A Not Provided 19.04.2012
Industrial Securities WU HUA buy 5 M #N/A N/A Not Provided 16.04.2012
Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 09.04.2012
China Merchants Securities LIU RONG strong buy 5 M 20 6 month 06.04.2012
Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 31.01.2012
Bohai Securities Co Ltd DU PU buy 5 M #N/A N/A Not Provided 23.09.2011
Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 16.08.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 27.05.2011
Guodu Securities Co Ltd WEI JING strong buy 5 M #N/A N/A Not Provided 13.05.2011
ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 14.12.2010
China Galaxy Securities JU HOULIN speculative buy 4 M #N/A N/A Not Provided 27.01.2010
Sealand Securities LILI LIU buy 5 N #N/A N/A Not Provided 28.08.2009
Holdings By:
Sany Heavy Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
DAIHATSU DIESEL MFG, CO., LTD. manufactures marine-use propulsion and auxiliary
military engine. The Company also manufactures electronic communication
equipment.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 546.00
52-Week Low (10.10.2012) 187.00
Daily Volume
491
52-Week High % Change -10.07% Dividend Yield -
52-Week Low % Change 162.57% Beta 1.36
% 52 Week Price Range High/Low 83.29% Equity Float 17.87
Shares Out 31.12.2012 31.9 Short Int -
15'638.35 1 Yr Total Return 23.60%
Total Debt 14'858.25 YTD Return 92.55%
Preferred Stock 0.0 Adjusted BETA 1.365
Minority Interest 13.5 Analyst Recs 0
Cash and Equivalents 16'873.97 Consensus Rating -
Enterprise Value 11'775.59
Average Volume 5 Day 219'800
6023 JP EQUITY YTD Change - Average Volume 30 Day 221'033
6023 JP EQUITY YTD % CHANGE - Average Volume 3 Month 227'897
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
60'677.7 71'351.6 63'783.0 58'108.3 57'728.2 58'558.9 54'692.5 - - - -
0.66x 0.39x 0.33x 0.28x 0.20x 0.99x 0.42x - - - -
7'504.6 9'497.0 8'299.5 9'205.5 7'534.0 8'747.9 5'642.5 - - - -
5.34x 2.92x 2.57x 1.78x 1.50x 1.13x 0.75x - - - -
2'393.9 3'747.8 3'475.3 3'528.6 2'387.9 3'126.3 2'559.5 - - - -
11.57x 4.82x 3.16x 3.82x 5.56x 3.39x 3.17x - - - -
EBITDA 7'534.03 Long-Term Rating Date -
EBIT 4'600.27 Long-Term Rating -
Operating Margin 7.97% Long-Term Outlook -
Pretax Margin 7.99% Short-Term Rating Date -
Return on Assets 3.57% Short-Term Rating -
Return on Common Equity 9.73%
Return on Capital 6.41% EBITDA/Interest Exp. 34.50
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 28.04
Net Debt/EBITDA -0.96
Gross Margin 26.0% Total Debt/EBITDA 2.48
EBITDA Margin 10.5%
EBIT Margin 5.3% Total Debt/Equity 61.0%
Net Income Margin 4.1% Total Debt/Capital 37.9%
Asset Turnover 0.85
Current Ratio 1.57 Net Fixed Asset Turnover 3.07
Quick Ratio 1.15 Accounts receivable turnover-days 90.94
Debt to Assets 21.89% Inventory Days 81.69
Tot Debt to Common Equity 60.97% Accounts Payable Turnover Day 113.88
Accounts Receivable Turnover 4.02 Cash Conversion Cycle 69.02
Inventory Turnover 4.48
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Daihatsu Diesel Manufacturing Co LtdPrice/Volume
Valuation Analysis
98'000.00
Current Price (3/dd/yy) Market Data
&
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOYOTA MOTOR CORP n/a ULT-AGG 11'194'000 35.15 - 30.09.2012 Corporation
FMR LLC n/a ULT-AGG 2'202'000 6.91 319'000 15.02.2013 Investment Advisor
SEKISUI HOUSE LTD n/a Co File 2'000'000 6.28 - 30.09.2012 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 1'302'000 4.09 32'000 31.12.2012 Holding Company
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 829'000 2.6 - 29.10.2012 Mutual Fund Manager
JAPAN TRUSTEE SERVIC n/a Co File 724'000 2.27 - 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 650'000 2.04 - 30.09.2012 Bank
MITSUI SUMITOMO INSU n/a Co File 640'000 2.01 - 30.09.2012 Insurance Company
RESONA HOLDINGS INC n/a ULT-AGG 590'000 1.85 - 30.09.2012 Holding Company
SHIGA BANK LTD/THE n/a Co File 300'000 0.94 - 30.09.2012 Bank
MITSUI & CO LTD n/a ULT-AGG 297'000 0.93 - 30.09.2012 Corporation
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 281'000 0.88 - 23.04.2012 Holding Company
AICHI ELECTRIC CO LT n/a Co File 110'000 0.35 - 31.03.2012 Corporation
DEUTSCHE BANK AG/LON n/a Short (78'966) -0.25 3'000 18.02.2013 Investment Advisor
TORISHIMA PUMP MANUF n/a Co File 55'000 0.17 - 31.03.2011 Corporation
DMW CORP n/a Co File 55'000 0.17 - 31.03.2012 Corporation
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 52'000 0.16 (53'000) 31.12.2012 Investment Advisor
MU INVESTMENTS CO LT n/a MOF-JP 36'000 0.11 - 31.12.2012 Investment Advisor
T RAD CO LTD n/a Co File 33'000 0.1 - 31.03.2012 Corporation
FURUKAWA YOSHIRO n/a Co File 26'000 0.08 2'000 28.06.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Mirae Asset Securities CHUNG WOO CHANG hold 3 N 10'000 12 month 19.09.2012
Daewoo Securities SUNG KI-JONG neutral 3 D #N/A N/A Not Provided 29.08.2012
Macquarie LEE JUWON neutral 3 M 9'500 12 month 14.08.2012
E*Trade Securities Korea PARK MOO-HYUN buy 5 M 33'000 12 month 25.01.2012
Korea Investment & Securities RICHARD PARK buy 5 M 22'500 12 month 30.11.2011
Holdings By:
Daihatsu Diesel Manufacturing Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
KOMATSU LTD. manufactures and sells construction and mining machinery, including
parts, agricultural transport vehicles, and combine harvesters.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 2'512.00
52-Week Low (10.10.2012) 1'439.00
Daily Volume
2213
52-Week High % Change -11.90% Dividend Yield 2.03
52-Week Low % Change 53.79% Beta 1.51
% 52 Week Price Range High/Low 72.88% Equity Float 930.44
Shares Out 31.01.2013 983.1 Short Int -
2'175'667.25 1 Yr Total Return -5.35%
Total Debt 647'800.00 YTD Return 1.33%
Preferred Stock 0.0 Adjusted BETA 1.508
Minority Interest 47'761.0 Analyst Recs 26
Cash and Equivalents 83'986.00 Consensus Rating 4.038
Enterprise Value 2'836'189.27
Average Volume 5 Day 9'507'460
6301 JP EQUITY YTD Change - Average Volume 30 Day 8'284'767
6301 JP EQUITY YTD % CHANGE - Average Volume 3 Month 8'241'611
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'243'023.0 2'021'743.0 1'431'564.0 1'843'127.0 1'981'763.0 ######### ######### ######### ######### 534'582.6 476'000.0
1.40x 0.78x 1.71x 1.76x 1.44x 5.38x 5.33x 1.42x 1.30x - -
408'514.0 250'302.0 158'354.0 312'396.0 346'449.0 343'430.0 301'628.0 323'962.8 382'483.8 - -
7.67x 6.31x 15.43x 10.38x 8.25x 6.75x 9.09x 8.75x 7.42x - -
208'793.0 78'797.0 33'559.0 150'752.0 167'041.0 179'506.0 128'761.0 139'958.1 174'485.8 42'719.0 -
13.50x 13.38x 56.53x 18.14x 13.60x 9.69x 16.15x 15.06x 12.07x - -
EBITDA 346'449.00 Long-Term Rating Date 26.10.2007
EBIT 256'343.00 Long-Term Rating A
Operating Margin 12.94% Long-Term Outlook STABLE
Pretax Margin 12.68% Short-Term Rating Date -
Return on Assets 6.37% Short-Term Rating -
Return on Common Equity 14.20%
Return on Capital 9.59% EBITDA/Interest Exp. 44.51
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 28.31
Net Debt/EBITDA 1.67
Gross Margin 27.3% Total Debt/EBITDA 1.92
EBITDA Margin 16.8%
EBIT Margin 12.2% Total Debt/Equity 64.2%
Net Income Margin 8.4% Total Debt/Capital 38.0%
Asset Turnover 0.89
Current Ratio 1.62 Net Fixed Asset Turnover 3.70
Quick Ratio 0.75 Accounts receivable turnover-days 91.23
Debt to Assets 27.92% Inventory Days 146.53
Tot Debt to Common Equity 64.16% Accounts Payable Turnover Day 61.69
Accounts Receivable Turnover 4.01 Cash Conversion Cycle 171.36
Inventory Turnover 2.50
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Komatsu LtdPrice/Volume
Valuation Analysis
7'879'300.00
Current Price (3/dd/yy) Market Data
&
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
2!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC Multiple Portfolios MF-AGG 1'374'000 0.92 - 31.12.2012 Investment Advisor
LI TAO n/a Co File 838'391 0.56 - 31.12.2011 n/a
SINOAUTO CO LTD n/a Co File 820'000 0.55 - 31.12.2011 Corporation
LIU GUOSHENG n/a Co File 803'583 0.54 - 31.12.2011 n/a
MA ZEQI n/a Co File 712'500 0.47 - 31.12.2011 n/a
SHANGHAI WANGUO SECU n/a Co File 551'550 0.37 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 54'400 0.04 - 13.03.2013 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 15'000 0.01 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc TEAM COVERAGE sell 1 M #N/A N/A Not Provided 09.08.2012
Holdings By:
Komatsu Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Hitachi Construction Machinery Co., Ltd. develops, manufactures, sells, and
and related parts. The Company's products include concrete pumps, concrete
pump vehicles, road rollers, pavers, and other related products. Sany Heavy
Industry sells its products under the "Sany" trade mark.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 2'250.00
52-Week Low (10.10.2012) 1'203.00
Daily Volume
2002
52-Week High % Change -11.02% Dividend Yield 1.75
52-Week Low % Change 66.42% Beta 1.48
% 52 Week Price Range High/Low 75.64% Equity Float 100.79
Shares Out 31.01.2013 215.1 Short Int -
430'660.31 1 Yr Total Return 9.92%
Total Debt 401'502.00 YTD Return 11.72%
Preferred Stock 0.0 Adjusted BETA 1.476
Minority Interest 45'441.0 Analyst Recs 22
Cash and Equivalents 72'803.00 Consensus Rating 3.000
Enterprise Value 809'602.31
Average Volume 5 Day 2'255'400
6305 JP EQUITY YTD Change - Average Volume 30 Day 2'273'417
6305 JP EQUITY YTD % CHANGE - Average Volume 3 Month 2'195'086
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
940'826.0 744'167.0 605'788.0 773'769.0 817'143.0 796'923.0 818'347.0 765'201.7 792'789.3 216'035.3 -
0.75x 0.77x 1.27x 0.98x 0.93x 3.33x 3.42x 1.01x 0.95x - -
138'620.0 83'953.0 56'691.0 86'136.0 94'408.0 96'185.0 88'484.0 88'173.3 104'780.1 - -
5.11x 6.81x 13.56x 8.77x 8.07x 6.29x 8.57x 9.18x 7.73x - -
55'985.0 18'253.0 4'019.0 11'088.0 23'036.0 17'126.0 23'699.0 29'940.9 31'126.4 16'380.0 -
9.21x 14.79x 114.28x 39.72x 16.82x 16.01x 16.02x 14.13x 13.35x - -
EBITDA 94'408.00 Long-Term Rating Date -
EBIT 54'837.00 Long-Term Rating -
Operating Margin 6.71% Long-Term Outlook -
Pretax Margin 6.13% Short-Term Rating Date -
Return on Assets 3.44% Short-Term Rating -
Return on Common Equity 10.77%
Return on Capital 6.95% EBITDA/Interest Exp. 8.15
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.25
Net Debt/EBITDA 3.24
Gross Margin 25.8% Total Debt/EBITDA 3.76
EBITDA Margin 11.3%
EBIT Margin 6.7% Total Debt/Equity 124.2%
Net Income Margin 2.8% Total Debt/Capital 52.1%
Asset Turnover 0.85
Current Ratio 1.45 Net Fixed Asset Turnover 3.55
Quick Ratio 0.81 Accounts receivable turnover-days 121.05
Debt to Assets 36.97% Inventory Days 156.42
Tot Debt to Common Equity 124.17% Accounts Payable Turnover Day 89.90
Accounts Receivable Turnover 3.02 Cash Conversion Cycle 194.80
Inventory Turnover 2.34
Fiscal Year Ended
Hitachi Construction Machinery Co LtdPrice/Volume
Valuation Analysis
1'794'900.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
1'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
2!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HITACHI LTD n/a ULT-AGG 108'033'000 50.22 - 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 9'049'000 4.21 (612'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 7'134'000 3.32 (1'811'000) 30.09.2012 Bank
NOMURA n/a ULT-AGG 4'643'100 2.16 (13'400) 28.02.2013 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 3'624'900 1.69 (800) 14.03.2013 Unclassified
HITACHI CONSTRUCTION n/a Co File 3'291'632 1.53 (4'668) 30.09.2012 Corporation
BANK OF NEW YORK MEL n/a Co File 2'575'000 1.2 742'000 30.09.2012 Investment Advisor
TRUST & CUSTODY SERV n/a Co File 2'537'000 1.18 106'000 30.09.2012 Bank
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'272'400 1.06 (56'800) 31.01.2013 Holding Company
JP MORGAN SECURITIES n/a Co File 2'270'000 1.06 45'000 30.09.2012 Bank
SOCIETE GENERALE SEC n/a Co File 1'959'000 0.91 605'000 30.09.2012 Investment Advisor
DEUTSCHE BANK AG/LON n/a Co File 1'781'000 0.83 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'759'076 0.82 19'946 31.12.2012 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 1'748'900 0.81 (98'400) 31.01.2013 Holding Company
DEUTSCHE SECURITIES n/a Co File 1'706'000 0.79 - 30.09.2012 Bank
DEUTSCHE BANK AG/LON n/a Short (1'613'686) -0.75 71'900 13.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 1'378'000 0.64 188'000 31.03.2012 Other
CHUO SHOJI CO LTD n/a Co File 1'295'000 0.6 - 30.09.2011 Corporation
LONE CYPRESS LTD n/a Short (1'107'759) -0.51 (136'353) 18.05.2012 Other
CREDIT SUISSE HONG K n/a Short (1'027'401) -0.48 (9'700) 24.02.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc GE WENJIE neutral 3 M 14 Not Provided 14.03.2013
Guotai Junan LU JUAN buy 5 N 12 12 month 13.03.2013
Capital Securities Corp HAN WEIQI buy 5 M 14 Not Provided 11.03.2013
PingAn Securities ZHANG WEI buy 5 M #N/A N/A Not Provided 04.03.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 M 13 12 month 09.02.2013
Goldman Sachs TIAN LU neutral/neutral 3 M 13 12 month 08.02.2013
Northeast Securities Co Ltd JIANGTAO WU buy 5 M #N/A N/A Not Provided 31.01.2013
Citic Securities Co., Ltd GUO YALING buy 5 M #N/A N/A Not Provided 30.01.2013
Bank of China International XU MINLE buy 5 U 13 12 month 28.01.2013
Jefferies JULIAN BU hold 3 M 14 12 month 23.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 14.01.2013
Credit Suisse YANG SONG underperform 1 M 9 Not Provided 17.12.2012
HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012
Hong Yuan Securities PANG LINLIN add 4 M #N/A N/A Not Provided 26.11.2012
Fortune CLSA Securities Limited YANG YAN outperform 5 M 10 12 month 15.11.2012
Sinolink Securities Co Ltd DONGYA GUANG add 4 M #N/A N/A Not Provided 07.11.2012
China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 20.07.2012
Morgan Stanley KATE ZHU restricted #N/A N/A M #N/A N/A Not Provided 27.06.2012
China Securities Co., Ltd FUZHANG FENG buy 5 M 16 Not Provided 25.06.2012
China Investment Securities OUYANG JUN buy 5 M #N/A N/A Not Provided 19.04.2012
Industrial Securities WU HUA buy 5 M #N/A N/A Not Provided 16.04.2012
Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 09.04.2012
China Merchants Securities LIU RONG strong buy 5 M 20 6 month 06.04.2012
Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 31.01.2012
Bohai Securities Co Ltd DU PU buy 5 M #N/A N/A Not Provided 23.09.2011
Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 16.08.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 27.05.2011
Guodu Securities Co Ltd WEI JING strong buy 5 M #N/A N/A Not Provided 13.05.2011
ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 14.12.2010
China Galaxy Securities JU HOULIN speculative buy 4 M #N/A N/A Not Provided 27.01.2010
Sealand Securities LILI LIU buy 5 N #N/A N/A Not Provided 28.08.2009
Holdings By:
Hitachi Construction Machinery Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
NITTAN VALVE CO., LTD. manufactures valves for motor vehicle engines, ships,
diesel engines, stationary diesel engines, and industrial products such as
aluminum wheels and automatic door closers for train cars. The Company also
manages real estate leasing with properties ranging from office buildings to
parking garages.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 349.00
52-Week Low (15.11.2012) 240.00
Daily Volume
347
52-Week High % Change -0.57% Dividend Yield 3.17
52-Week Low % Change 44.58% Beta 0.93
% 52 Week Price Range High/Low 99.00% Equity Float 16.74
Shares Out 31.01.2013 29.0 Short Int -
10'055.66 1 Yr Total Return 12.73%
Total Debt 2'323.02 YTD Return 23.93%
Preferred Stock 0.0 Adjusted BETA 0.932
Minority Interest 3'744.4 Analyst Recs 1
Cash and Equivalents 3'428.65 Consensus Rating 5.000
Enterprise Value 14'779.34
Average Volume 5 Day 41'860
6493 JP EQUITY YTD Change - Average Volume 30 Day 45'050
6493 JP EQUITY YTD % CHANGE - Average Volume 3 Month 53'614
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
36'462.7 31'693.9 27'753.8 32'294.7 32'950.1 32'134.2 33'839.6 - 40'000.0 - -
0.45x 0.38x 0.50x 0.31x 0.35x 1.28x 1.41x - - - -
6'577.8 3'972.1 2'875.3 4'678.3 3'313.8 3'557.9 3'830.6 - - - -
2.51x 3.01x 4.79x 2.13x 3.50x 2.78x 3.34x - - - -
1'972.7 (255.9) (189.5) 565.7 (895.4) (279.5) (179.8) - 1'200.0 - -
7.09x - - 15.93x - 0.00x 0.00x - 8.36x - -
EBITDA 3'313.84 Long-Term Rating Date -
EBIT 658.45 Long-Term Rating -
Operating Margin 2.00% Long-Term Outlook -
Pretax Margin 0.49% Short-Term Rating Date -
Return on Assets -0.81% Short-Term Rating -
Return on Common Equity -1.42%
Return on Capital 0.95% EBITDA/Interest Exp. 142.31
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. -1.32
Net Debt/EBITDA -0.02
Gross Margin 11.2% Total Debt/EBITDA 0.88
EBITDA Margin 11.4%
EBIT Margin 3.3% Total Debt/Equity 10.3%
Net Income Margin -2.7% Total Debt/Capital 8.1%
Asset Turnover 0.86
Current Ratio 1.73 Net Fixed Asset Turnover 2.27
Quick Ratio 1.01 Accounts receivable turnover-days 66.52
Debt to Assets 5.73% Inventory Days 65.27
Tot Debt to Common Equity 10.30% Accounts Payable Turnover Day 50.77
Accounts Receivable Turnover 5.50 Cash Conversion Cycle 76.97
Inventory Turnover 5.61
Fiscal Year Ended
Nittan Valve Co LtdPrice/Volume
Valuation Analysis
96'500.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EATON CORP n/a Co File 8'693'000 30 - 30.09.2012 Corporation
BANK OF YOKOHAMA LTD n/a Co File 1'302'000 4.49 - 30.09.2012 Bank
HONDA MOTOR CO LTD n/a ULT-AGG 1'233'000 4.25 - 30.09.2012 Corporation
TOYOTA MOTOR CORP n/a ULT-AGG 1'057'000 3.65 - 30.09.2012 Corporation
MASTER TRUST BANK OF n/a Co File 725'000 2.5 (74'000) 30.09.2012 Bank
GOLDMAN SACHS INTERN n/a Co File 612'000 2.11 (260'000) 30.09.2012 Investment Advisor
SNT CORP n/a Co File 517'000 1.78 - 30.09.2012 Corporation
MIZUHO FINANCIAL GRO n/a ULT-AGG 472'000 1.63 - 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 448'000 1.55 - 30.09.2012 Insurance Company
NOMURA n/a ULT-AGG 436'300 1.51 (20'500) 17.12.2012 Unclassified
AMUNDI JAPAN Multiple Portfolios MF-AGG 387'700 1.34 1'100 20.02.2012 Mutual Fund Manager
SANYO SPECIAL STEEL n/a Co File 314'656 1.09 - 31.03.2012 Corporation
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 267'100 0.92 57'100 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 205'300 0.71 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 159'300 0.55 159'300 15.03.2012 Investment Advisor
WILLERFUNDS MANAGEME Multiple Portfolios MF-AGG 127'700 0.44 - 31.12.2012 Investment Advisor
ONEX CORP/JAPAN n/a Co File 117'300 0.4 - 30.06.2012 Unclassified
SOCIETE GENERALE Multiple Portfolios MF-AGG 109'900 0.38 - 31.10.2012 Bank
NITTAN VALVE CO LTD n/a Co File 90'800 0.31 (373'200) 30.09.2012 Corporation
ISEKI & CO LTD n/a Co File 50'000 0.17 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tachibana Securities KENTARO HAYASHI Strong Outperform 5 N #N/A N/A Not Provided 11.07.2012
Holdings By:
Nittan Valve Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
TOYO ELECTRIC MFG. CO., LTD. manufactures electrical equipment for rolling stock
excavators, bulldozers, and wheel loaders. The Company, operating on a global
scale, also produces forklift trucks and engineering equipment such as press
system.
Latest Fiscal Year: 05/2012
LTM as of: 11/yy
52-Week High (19.03.2012) 335.00
52-Week Low (15.11.2012) 200.00
Daily Volume
296
52-Week High % Change -11.64% Dividend Yield -
52-Week Low % Change 48.00% Beta 1.14
% 52 Week Price Range High/Low 57.78% Equity Float 34.42
Shares Out 31.01.2013 48.7 Short Int -
14'407.80 1 Yr Total Return -5.36%
Total Debt 9'385.00 YTD Return 21.81%
Preferred Stock 0.0 Adjusted BETA 1.140
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 1'489.00 Consensus Rating 3.000
Enterprise Value 23'764.80
Average Volume 5 Day 204'200
6505 JP EQUITY YTD Change - Average Volume 30 Day 192'467
6505 JP EQUITY YTD % CHANGE - Average Volume 3 Month 189'207
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
38'130.1 33'226.9 35'429.8 37'893.8 38'570.0 37'804.8 33'306.0 32'750.0 36'500.0 9'434.0 10'000.0
0.47x 0.90x 0.74x 0.59x 0.51x 2.60x 2.60x - - - -
2'121.1 2'354.4 1'924.9 2'673.1 2'846.0 2'526.0 1'821.0 1'700.0 2'500.0 - -
8.43x 12.69x 13.64x 8.42x 6.98x 9.13x 11.02x 13.98x 9.51x - -
532.8 103.0 512.7 678.3 785.0 785.0 81.0 300.0 675.0 500.0 350.0
27.70x 258.62x 42.05x 25.64x 15.22x 17.84x 131.36x 47.36x 21.14x - -
EBITDA 2'846.00 Long-Term Rating Date -
EBIT 1'701.00 Long-Term Rating -
Operating Margin 4.41% Long-Term Outlook -
Pretax Margin 4.56% Short-Term Rating Date -
Return on Assets 0.21% Short-Term Rating -
Return on Common Equity 0.55%
Return on Capital 0.38% EBITDA/Interest Exp. 17.46
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 11.83
Net Debt/EBITDA 5.14
Gross Margin 22.9% Total Debt/EBITDA 6.12
EBITDA Margin 5.5%
EBIT Margin 2.0% Total Debt/Equity 62.4%
Net Income Margin 2.0% Total Debt/Capital 38.4%
Asset Turnover 0.86
Current Ratio 1.28 Net Fixed Asset Turnover 6.69
Quick Ratio 0.91 Accounts receivable turnover-days 135.07
Debt to Assets 24.64% Inventory Days 100.88
Tot Debt to Common Equity 62.36% Accounts Payable Turnover Day 67.62
Accounts Receivable Turnover 2.71 Cash Conversion Cycle 129.10
Inventory Turnover 3.63
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Toyo Denki Seizo - Toyo Electric Manufacturing Co LtdPrice/Volume
Valuation Analysis
562'000.00
Current Price (3/dd/yy) Market Data
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45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIPPON LIFE INSURANC n/a ULT-AGG 2'720'000 5.59 (298'000) 30.11.2012 Insurance Company
EAST JAPAN RAILWAY C n/a Co File 2'400'000 4.93 - 30.11.2012 Corporation
TOYOTA MOTOR CORP n/a ULT-AGG 2'101'000 4.32 - 30.11.2012 Corporation
HITACHI LTD n/a ULT-AGG 2'100'000 4.31 - 30.11.2012 Corporation
EMPLOYEES' STOCKHOLD n/a Co File 1'725'000 3.54 210'000 30.11.2012 n/a
MITSUBISHI UFJ FINAN n/a ULT-AGG 1'445'000 2.97 3'000 31.01.2013 Holding Company
BANK OF YOKOHAMA LTD n/a Co File 1'038'000 2.13 - 30.11.2012 Bank
OHKURAYA JUUTAKU CO n/a Co File 1'030'000 2.12 - 30.11.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 948'000 1.95 (80'000) 30.11.2012 Bank
COOP FACTORIES' STOC n/a Co File 838'000 1.72 - 30.11.2012 n/a
TSUKISHIMA KIKAI CO n/a Co File 798'000 1.64 - 31.05.2012 Corporation
KEIHAN ELECTRIC RAIL n/a Co File 526'700 1.08 - 31.03.2012 Corporation
TOYO ELECTRIC MANUFA n/a Co File 460'565 0.95 1'995 30.11.2012 Corporation
NANKAI ELECTRIC RAIL n/a Co File 345'000 0.71 - 31.03.2012 Corporation
H2O RETAILING CORP n/a ULT-AGG 345'000 0.71 - 31.03.2012 Corporation
TOKYO KIKAI SEISAKUS n/a Co File 314'000 0.65 - 31.03.2012 Corporation
NIPPON SHARYO LTD n/a Co File 295'000 0.61 - 31.03.2012 Corporation
NAGOYA RAILROAD CO L n/a Co File 230'000 0.47 - 31.03.2012 Corporation
TOBU RAILWAY CO LTD n/a Co File 230'000 0.47 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 190'000 0.39 (8'000) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TAKU OUCHI outperform 5 M 3'300 12 month 14.03.2013
Nomura KATSUSHI SAITO buy 5 M 3'020 12 month 12.03.2013
Ji Asia TONY MOYER buy 5 M 3'010 12 month 12.03.2013
Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 3'000 12 month 06.03.2013
Credit Suisse SHINJI KURODA outperform 5 M 2'700 Not Provided 04.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 2'740 12 month 27.02.2013
Mizuho Securities JUNJI SAKURADA neutral 3 M 2'500 12 month 22.02.2013
BNP Paribas Equity Research CHRISTOPHER CINTAVEY buy 5 M 2'800 12 month 15.02.2013
Macquarie KENJIN HOTTA underperform 1 M 1'850 12 month 14.02.2013
Deutsche Bank TAKESHI KITAURA buy 5 M 3'300 12 month 08.02.2013
Jefferies YUKIHIRO KUMAGAI buy 5 M 2'800 12 month 08.02.2013
TIW MASAKAZU ITOI Neutral Plus 3 M #N/A N/A Not Provided 04.02.2013
Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 M 2'700 6 month 31.01.2013
Mito Securities YOICHIRO WATANABE neutral 3 M 2'500 6 month 30.01.2013
Tokai Tokyo Securities MITSUYUKI ODAIRA above average 4 U #N/A N/A Not Provided 30.01.2013
JPMorgan TORU NAKAHASHI overweight 5 M 1'900 9 month 30.01.2013
Tachibana Securities YOSHIKAZU SHIMADA outperform 5 U #N/A N/A Not Provided 30.01.2013
Daiwa Securities Co. Ltd. HIROKAZU MIYAGI outperform 5 M 2'700 Not Provided 30.01.2013
ACE Research Institute MASUNORI ISHITOBI neutral 3 M 2'350 Not Provided 30.01.2013
Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'100 12 month 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Barclays KUNIO SAKAIDA overweight 5 M 2'400 Not Provided 05.12.2012
Holdings By:
Toyo Denki Seizo - Toyo Electric Manufacturing Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Altra Holdings, Inc. designs, produces, and markets a wide range of mechanical
power transmission, or MPT, and motion control products. The Company's product
portfolio includes industrial clutches and brakes, enclosed gear drives, open
gearing, couplings, engineered bearing assemblies, linear components and other
related products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 27.76
52-Week Low (12.07.2012) 14.55
Daily Volume
27.56
52-Week High % Change -0.90% Dividend Yield 0.58
52-Week Low % Change 89.42% Beta 1.65
% 52 Week Price Range High/Low 99.77% Equity Float 25.70
Shares Out 19.02.2013 26.9 Short Int 1.06
741.45 1 Yr Total Return 37.74%
Total Debt 247.61 YTD Return 25.35%
Preferred Stock 0.0 Adjusted BETA 1.646
Minority Interest 1.2 Analyst Recs 6
Cash and Equivalents 85.15 Consensus Rating 4.000
Enterprise Value 905.15
Average Volume 5 Day 172'401
AIMC US EQUITY YTD Change - Average Volume 30 Day 167'653
AIMC US EQUITY YTD % CHANGE - Average Volume 3 Month 150'656
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
635.3 452.8 520.2 674.8 732.0 674.8 732.0 747.8 788.6 187.0 193.8
0.65x 1.08x 1.29x 1.00x 1.03x 4.08x 3.65x - - - -
102.3 59.2 77.8 97.1 107.4 97.1 107.4 115.2 126.6 28.6 30.7
4.03x 8.24x 8.60x 6.93x 7.01x 6.93x 7.01x 7.86x 7.15x 7.82x 7.53x
6.5 (2.3) 24.5 37.7 24.3 37.7 24.3 48.6 57.1 12.0 13.4
5.46x 37.42x 19.66x 13.95x 14.60x 13.74x 15.10x 15.19x 12.98x 15.19x 14.32x
EBITDA 107.42 Long-Term Rating Date -
EBIT 80.05 Long-Term Rating -
Operating Margin 10.94% Long-Term Outlook -
Pretax Margin 4.69% Short-Term Rating Date -
Return on Assets 3.85% Short-Term Rating -
Return on Common Equity 11.03%
Return on Capital 11.10% EBITDA/Interest Exp. 2.63
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 1.87
Net Debt/EBITDA 1.51
Gross Margin 29.9% Total Debt/EBITDA 2.31
EBITDA Margin 14.7%
EBIT Margin 10.9% Total Debt/Equity 106.7%
Net Income Margin 3.3% Total Debt/Capital 51.5%
Asset Turnover 1.16
Current Ratio 3.06 Net Fixed Asset Turnover 5.60
Quick Ratio 1.68 Accounts receivable turnover-days 46.20
Debt to Assets 39.12% Inventory Days 89.01
Tot Debt to Common Equity 106.72% Accounts Payable Turnover Day 34.29
Accounts Receivable Turnover 7.92 Cash Conversion Cycle 100.92
Inventory Turnover 4.11
Fiscal Year Ended
Altra Holdings IncPrice/Volume
Valuation Analysis
62'250.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 2'064'541 7.67 - 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'535'539 5.71 (1'061) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'424'693 5.3 42'838 31.12.2012 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 1'117'444 4.15 60'030 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'091'203 4.06 471'384 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'055'963 3.93 (4'130) 31.12.2012 Unclassified
MACQUARIE GROUP n/a ULT-AGG 1'041'961 3.87 43'230 31.12.2012 Investment Advisor
SAGARD CAPITAL PARTN SAGARD CAPITAL PARTN 13F 974'062 3.62 1'370 31.12.2012 Investment Advisor
INVESTMENT COUNSELOR INVESTMENT COUNSELOR 13F 961'050 3.57 58'300 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 923'139 3.43 (4'183) 31.12.2012 Investment Advisor
SILVERCREST ASSET MA SILVERCREST ASSET MA 13F 732'852 2.72 (2'110) 31.12.2012 Investment Advisor
FIRST INVESTORS MANA FIRST INVESTORS MANA 13F 727'300 2.7 91'400 31.12.2012 Investment Advisor
THOMSON HORSTMANN & THOMSON HORSTMANN & 13F 726'575 2.7 (81'893) 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 720'989 2.68 (70'592) 31.12.2012 Investment Advisor
OAK RIDGE INVESTMENT OAK RIDGE INVESTMENT 13F 677'930 2.52 - 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 672'704 2.5 14'758 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 564'959 2.1 (1'998) 31.12.2012 Investment Advisor
SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 543'633 2.02 3'460 31.12.2012 Investment Advisor
EAGLE BOSTON INVESTM EAGLE BOSTON INVESTM 13F 524'628 1.95 (99'185) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 495'592 1.84 1'363 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies SCOTT R GRAHAM hold 3 M 27 12 month 15.02.2013
Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 32 12 month 15.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 15.02.2013
Stephens Inc MATT DUNCAN overweight 5 M 32 12 month 14.02.2013
KeyBanc Capital Markets JEFFREY D HAMMOND buy 5 M 29 12 month 14.02.2013
Hilliard Lyons ROSS A DEMMERLE neutral 3 M #N/A N/A Not Provided 11.02.2013
BB&T Capital Markets VERNON C PLACK hold 3 M #N/A N/A Not Provided 11.02.2013
Wells Fargo Securities, LLC JONATHAN G BOCK outperform 5 M #N/A N/A Not Provided 11.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. HIROKAZU MIYAGI outperform 5 M 2'700 Not Provided 30.01.2013
ACE Research Institute MASUNORI ISHITOBI neutral 3 M 2'350 Not Provided 30.01.2013
Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'100 12 month 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Barclays KUNIO SAKAIDA overweight 5 M 2'400 Not Provided 05.12.2012
Holdings By:
Altra Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Atlas Copco AB is an international industrial group. The Group develops,
manufactures, and markets compressed air equipment and generators, construction
and mining equipment, electric and pneumatic tools, and assembly systems and
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 190.10
52-Week Low (14.06.2012) 134.40
Daily Volume
185.1
52-Week High % Change -2.58% Dividend Yield -
52-Week Low % Change 37.72% Beta 1.11
% 52 Week Price Range High/Low 93.36% Equity Float -
Shares Out 14.03.2013 839.4 Short Int -
219'757.98 1 Yr Total Return 10.47%
Total Debt 21'052.00 YTD Return 3.81%
Preferred Stock 0.0 Adjusted BETA 1.107
Minority Interest 54.0 Analyst Recs 32
Cash and Equivalents 12'416.00 Consensus Rating 3.375
Enterprise Value 228'447.99
Average Volume 5 Day 1'802'269
ATCOA SS EQUITY YTD Change - Average Volume 30 Day 2'398'799
ATCOA SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'397'687
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 81'203.0 90'533.0 89'305.1 93'177.2 21'596.5 22'384.2
1.38x 2.15x 2.97x 2.39x 2.43x 9.56x 9.07x 2.49x 2.32x 10.45x 10.21x
15'808.0 11'527.0 16'400.0 20'061.0 21'892.0 20'076.0 21'892.0 21'609.6 22'838.0 5'037.0 5'281.8
6.48x 11.87x 12.67x 9.68x 10.05x 9.47x 10.28x 10.57x 10.00x 10.68x 10.81x
10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 12'963.0 13'901.0 13'746.1 14'790.7 3'268.6 3'434.4
8.16x 20.51x 20.80x 13.86x 15.57x 13.86x 15.57x 16.35x 15.24x 16.52x 16.17x
EBITDA 21'892.00 Long-Term Rating Date 24.02.2011
EBIT 19'228.00 Long-Term Rating A
Operating Margin 21.24% Long-Term Outlook STABLE
Pretax Margin 20.48% Short-Term Rating Date 24.02.2011
Return on Assets 17.79% Short-Term Rating A-1
Return on Common Equity 43.54%
Return on Capital - EBITDA/Interest Exp. 28.78
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 26.30
Net Debt/EBITDA 0.39
Gross Margin 38.4% Total Debt/EBITDA 0.96
EBITDA Margin 24.2%
EBIT Margin 21.2% Total Debt/Equity 60.0%
Net Income Margin 15.4% Total Debt/Capital 37.5%
Asset Turnover 1.16
Current Ratio 2.43 Net Fixed Asset Turnover 10.33
Quick Ratio 0.57 Accounts receivable turnover-days -
Debt to Assets 25.94% Inventory Days 115.59
Tot Debt to Common Equity 60.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 131.90
Inventory Turnover 3.17
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Atlas Copco ABPrice/Volume
Valuation Analysis
1'447'474.00
Current Price (3/dd/yy) Market Data
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
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90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Research 194'803'726 23.21 - 30.06.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 79'597'557 9.48 (10'170'000) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'234'795 4.56 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'722'665 3.18 257'650 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 21'795'438 2.6 - 30.09.2012 Investment Advisor
SEB n/a ULT-AGG 16'233'543 1.93 (599'301) 25.02.2013 Unclassified
FJARDE AP-FONDEN n/a Research 10'437'990 1.24 - 30.06.2012 Pension Fund (ERISA)
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'989'946 1.19 46'733 31.12.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 9'500'000 1.13 - 30.06.2012 Pension Fund (ERISA)
FMR LLC n/a ULT-AGG 8'637'852 1.03 115'699 31.01.2013 Investment Advisor
FOLKSAM GROUP n/a Research 7'887'691 0.94 - 30.06.2012 Insurance Company
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 7'767'690 0.93 - 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER n/a Research 7'211'859 0.86 - 30.06.2012 Investment Advisor
FORSTA AP FONDEN n/a Research 7'160'904 0.85 - 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'982'706 0.83 1'248'147 13.03.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (6'799'092) -0.81 - 01.11.2012 Hedge Fund Manager
ABERDEEN n/a ULT-AGG 6'062'421 0.72 1'315'621 28.02.2013 Unclassified
ANDRA AP FONDEN n/a Research 5'976'741 0.71 - 30.06.2012 Pension Fund (ERISA)
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'862'789 0.7 447'592 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'225'691 0.62 1'304'434 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier ANDERS IDBORG hold 3 D 200 6 month 14.03.2013
Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 185 Not Provided 14.03.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 277 12 month 13.03.2013
SEB Enskilda DANIEL SCHMIDT hold 3 M 200 Not Provided 11.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 172 12 month 08.03.2013
HSBC COLIN GIBSON overweight 5 M 230 Not Provided 08.03.2013
Canaccord Genuity Corp ANDREW BELL buy 5 M 205 12 month 08.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 175 Not Provided 08.03.2013
Evli Bank Plc ELINA RIUTTA accumulate 4 M 195 Not Provided 04.03.2013
Pareto Securities DAVID JACOBSSON hold 3 M 180 6 month 28.02.2013
AlphaValue LIONEL PELLICER sell 1 M 160 6 month 21.02.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 200 Not Provided 05.02.2013
Nomura KLAS BERGELIND neutral 3 M 187 Not Provided 05.02.2013
Societe Generale SEBASTIEN GRUTER sell 1 M 155 12 month 01.02.2013
Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 01.02.2013
Nordea Equity Research ANDREAS KOSKI buy 5 M 202 12 month 01.02.2013
Handelsbanken PEDER FROLEN accumulate 4 M 190 12 month 01.02.2013
Natixis LUDOVIC DEBAILLEUX neutral 3 M 178 Not Provided 01.02.2013
DNB Markets LARS BRORSON hold 3 M 185 Not Provided 01.02.2013
Barclays ALLAN SMYLIE overweight 5 M 175 Not Provided 01.02.2013
Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 163 12 month 31.01.2013
JPMorgan ANDREAS WILLI neutral 3 M 192 9 month 31.01.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 175 12 month 31.01.2013
Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 31.01.2013
CA Cheuvreux JOAKIM HOGLUND outperform 5 M 215 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank ALEXANDER VIRGO hold 3 M 185 Not Provided 08.01.2013
Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 08.10.2012
Deutsche Bank JOHAN WETTERGREN hold 3 M 170 12 month 30.04.2012
Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011
Holdings By:
Atlas Copco AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Briggs & Stratton Corporation designs, manufactures, markets, and services air
cooled gasoline engines for outdoor power equipment. The Company's engines are
aluminum alloy gasoline engines ranging from three to 25 horsepower.
Briggs & Stratton markets and services its products to original equipment
manufacturers worldwide.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (19.02.2013) 25.52
52-Week Low (09.08.2012) 16.20
Daily Volume
24.85
52-Week High % Change -2.53% Dividend Yield 1.85
52-Week Low % Change 53.40% Beta 1.29
% 52 Week Price Range High/Low 96.61% Equity Float 47.36
Shares Out 01.02.2013 48.2 Short Int 7.85
1'197.16 1 Yr Total Return 44.12%
Total Debt 228.00 YTD Return 18.45%
Preferred Stock 0.0 Adjusted BETA 1.288
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 156.08 Consensus Rating 3.800
Enterprise Value 1'425.82
Average Volume 5 Day 290'323
BGG US EQUITY YTD Change - Average Volume 30 Day 361'997
BGG US EQUITY YTD % CHANGE - Average Volume 3 Month 459'364
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
2'151.4 2'092.2 2'027.9 2'110.0 2'066.5 2'170.8 1'969.4 2'001.5 2'079.8 707.7 543.7
0.46x 0.45x 0.51x 0.50x 0.44x 1.89x 2.18x 0.62x 0.56x 2.05x 2.28x
95.2 140.7 165.9 159.5 154.8 163.7 146.4 169.7 184.0 93.5 50.2
10.32x 6.74x 6.21x 6.58x 5.91x 6.11x 8.33x 8.41x 7.75x - -
22.6 32.0 36.6 24.4 29.0 31.2 14.4 67.3 80.1 53.9 22.9
43.37x 17.74x 17.09x 16.34x 14.10x 11.73x 19.13x 17.56x 15.06x 16.16x 14.72x
EBITDA 154.82 Long-Term Rating Date 20.10.2011
EBIT 91.10 Long-Term Rating BB
Operating Margin 4.41% Long-Term Outlook STABLE
Pretax Margin 1.45% Short-Term Rating Date 03.06.2002
Return on Assets 0.88% Short-Term Rating NR
Return on Common Equity 2.14%
Return on Capital - EBITDA/Interest Exp. 8.35
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 5.68
Net Debt/EBITDA 1.56
Gross Margin 18.5% Total Debt/EBITDA 1.69
EBITDA Margin 7.4%
EBIT Margin 4.4% Total Debt/Equity 36.1%
Net Income Margin 1.4% Total Debt/Capital 26.5%
Asset Turnover 1.21
Current Ratio 2.98 Net Fixed Asset Turnover 6.40
Quick Ratio 1.24 Accounts receivable turnover-days 50.84
Debt to Assets 14.18% Inventory Days 125.71
Tot Debt to Common Equity 36.08% Accounts Payable Turnover Day 42.81
Accounts Receivable Turnover 7.16 Cash Conversion Cycle 98.63
Inventory Turnover 2.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Briggs & Stratton CorpPrice/Volume
Valuation Analysis
134'138.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 5'540'703 11.5 (755'373) 13.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'872'130 10.11 - 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'443'600 7.15 773'900 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'357'581 6.97 (367'466) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'794'453 5.8 33'954 31.12.2012 Investment Advisor
LEVIN CAPITAL STRATE LEVIN CAPITAL STRATE 13F 1'821'694 3.78 (472'834) 31.12.2012 Hedge Fund Manager
HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 1'640'435 3.41 (1'000) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'473'249 3.06 6'692 31.12.2012 Investment Advisor
MINNEAPOLIS PORTFOLI MINNEAPOLIS PORTFOLI 13F 1'155'579 2.4 (80'976) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'139'873 2.37 20'817 31.12.2012 Investment Advisor
DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'118'263 2.32 (520'314) 31.12.2012 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 1'071'270 2.22 (31'846) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'031'465 2.14 181'733 31.12.2012 Investment Advisor
INVESTMENT COUNSELOR INVESTMENT COUNSELOR 13F 900'900 1.87 72'500 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 893'563 1.85 2'911 31.12.2012 Unclassified
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 842'903 1.75 (457'176) 31.12.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 838'457 1.74 (208'910) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 836'309 1.74 (14'367) 31.12.2012 Investment Advisor
RUTABAGA CAPITAL MAN RUTABAGA CAPITAL MAN 13F 749'694 1.56 62'400 31.12.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 687'830 1.43 (48'900) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co PETER LISNIC outperform 5 M 28 12 month 11.03.2013
Raymond James SAMUEL J DARKATSH outperform 5 M 25 12 month 08.03.2013
Sidoti & Company LLC ROBERT A KOSOWSKY neutral 3 M 24 12 month 07.03.2013
Longbow Research DAVID S MACGREGOR neutral 3 M #N/A N/A Not Provided 22.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 25.01.2013
Holdings By:
Briggs & Stratton Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Caterpillar Inc. designs, manufactures and markets construction, mining and
forestry machinery. The Company also manufactures engines and other related
parts for its equipment, and offers financing and insurance. Caterpillar
distributes its products through a worldwide organization of dealers.
the Middle East and Eastern Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.03.2012) 114.25
52-Week Low (12.07.2012) 78.25
Daily Volume
88.5452
52-Week High % Change -22.42% Dividend Yield 2.28
52-Week Low % Change 13.16% Beta 1.32
% 52 Week Price Range High/Low 29.03% Equity Float 653.49
Shares Out 31.12.2012 655.0 Short Int 17.35
58'001.40 1 Yr Total Return -20.19%
Total Debt 10'486.00 YTD Return -1.19%
Preferred Stock 0.0 Adjusted BETA 1.324
Minority Interest 50.0 Analyst Recs 28
Cash and Equivalents 3'306.00 Consensus Rating 4.107
Enterprise Value 65'231.40
Average Volume 5 Day 5'938'330
CAT US EQUITY YTD Change - Average Volume 30 Day 5'563'031
CAT US EQUITY YTD % CHANGE - Average Volume 3 Month 5'940'577
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
51'324.0 32'396.0 42'588.0 60'138.0 65'875.0 60'138.0 65'875.0 63'441.6 69'086.6 13'823.1 16'372.0
1.17x 1.28x 1.50x 1.10x 1.00x 4.41x 4.12x 1.38x 1.13x 6.49x 5.44x
6'428.0 2'913.0 6'259.0 9'680.0 11'966.0 9'680.0 11'966.0 10'709.7 12'312.7 2'101.8 2'764.4
9.38x 14.19x 10.20x 6.86x 5.51x 6.86x 5.51x 6.09x 5.29x 6.10x 5.70x
3'557.0 895.0 2'700.0 4'928.0 5'681.0 4'928.0 5'681.0 5'504.2 6'384.4 999.6 1'444.5
7.89x 26.14x 21.83x 11.63x 10.40x 11.71x 10.38x 11.02x 9.40x 10.97x 10.13x
EBITDA 11'966.00 Long-Term Rating Date 24.06.2003
EBIT 9'153.00 Long-Term Rating A
Operating Margin 13.89% Long-Term Outlook STABLE
Pretax Margin 12.52% Short-Term Rating Date 04.04.1995
Return on Assets 6.65% Short-Term Rating A-1
Return on Common Equity 37.36%
Return on Capital 11.44% EBITDA/Interest Exp. 25.62
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 14.75
Net Debt/EBITDA 0.60
Gross Margin 27.4% Total Debt/EBITDA 0.88
EBITDA Margin 18.2%
EBIT Margin 13.9% Total Debt/Equity 229.0%
Net Income Margin 8.6% Total Debt/Capital 69.5%
Asset Turnover 0.77
Current Ratio 1.43 Net Fixed Asset Turnover 4.27
Quick Ratio 0.82 Accounts receivable turnover-days 102.52
Debt to Assets 44.92% Inventory Days 115.08
Tot Debt to Common Equity 228.97% Accounts Payable Turnover Day 55.86
Accounts Receivable Turnover 3.57 Cash Conversion Cycle 161.73
Inventory Turnover 3.18
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Caterpillar IncPrice/Volume
Valuation Analysis
2'996'653.00
Current Price (3/dd/yy) Market Data
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60'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 71'306'572 10.89 (1'563'369) 14.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 43'263'971 6.6 - 13.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 32'836'678 5.01 335'528 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 22'878'150 3.49 12'358'821 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 19'707'800 3.01 - 31.12.2012 Insurance Company
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'605'624 2.08 2'377 30.09.2012 Insurance Company
GATES FOUNDATION BILL & MELINDA FOUND 13F 10'260'857 1.57 - 31.12.2012 Endowment
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'788'015 1.49 (405'144) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'312'413 1.42 (139'073) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'179'234 1.1 (572'787) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'004'419 0.92 556'251 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'923'800 0.9 292'300 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'204'841 0.79 (390'036) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'183'052 0.79 552'886 31.12.2012 Government
JP MORGAN n/a ULT-AGG 4'899'901 0.75 (538'358) 31.12.2012 Unclassified
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'610'728 0.7 (507'100) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'559'582 0.7 (253'929) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'302'834 0.66 (398'594) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'701'077 0.57 (12'500) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'603'258 0.55 (520'786) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOEL G TISS outperform 5 M 130 Not Provided 11.03.2013
Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 11.03.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 11.03.2013
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 08.03.2013
Piper Jaffray ALEXANDER E POTTER overweight 5 M 113 12 month 04.03.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 104 12 month 22.02.2013
Raymond James THEONI PILARINOS outperform 5 U 105 12 month 22.02.2013
Credit Suisse JAMIE L COOK outperform 5 M 123 Not Provided 20.02.2013
JPMorgan ANN DUIGNAN neutral 3 M 100 9 month 20.02.2013
Jefferies STEPHEN VOLKMANN hold 3 M 95 12 month 20.02.2013
William Blair & Co LAWRENCE T DE MARIA outperform 5 M 115 12 month 20.02.2013
ISI Group DAVID RASO strong buy 5 M 120 Not Provided 20.02.2013
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.02.2013
Northcoast Research BRIAN M RAYLE neutral 3 M #N/A N/A Not Provided 20.02.2013
Barclays ANDY KAPLOWITZ overweight 5 M 118 Not Provided 08.02.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 115 12 month 01.02.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 126 Not Provided 31.01.2013
Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 110 12 month 29.01.2013
Macquarie SAMEER RATHOD outperform 5 M 112 12 month 29.01.2013
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 U 115 Not Provided 29.01.2013
S&P Capital IQ MICHAEL JAFFE buy 5 M 117 Not Provided 28.01.2013
Susquehanna Financial Group TED GRACE Positive 4 M 118 12 month 28.01.2013
Goldman Sachs JERRY REVICH Buy/Neutral 5 M 116 12 month 22.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Caterpillar Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Cummins Inc. designs, manufactures, distributes and services diesel and natural
gas engines. The Company also manufactures electric power generation systems and
engine-related component products, including filtration and exhaust
aftertreatment, fuel systems, controls, and air handling systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.03.2012) 129.51
52-Week Low (12.07.2012) 82.20
Daily Volume
117.07
52-Week High % Change -9.57% Dividend Yield 1.54
52-Week Low % Change 42.42% Beta 1.54
% 52 Week Price Range High/Low 74.15% Equity Float 186.59
Shares Out 01.02.2013 189.8 Short Int 3.42
22'225.13 1 Yr Total Return -6.11%
Total Debt 775.00 YTD Return 8.52%
Preferred Stock 0.0 Adjusted BETA 1.536
Minority Interest 371.0 Analyst Recs 23
Cash and Equivalents 1'616.00 Consensus Rating 4.217
Enterprise Value 21'755.13
Average Volume 5 Day 1'342'454
CMI US EQUITY YTD Change - Average Volume 30 Day 1'623'671
CMI US EQUITY YTD % CHANGE - Average Volume 3 Month 1'629'688
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
14'342.0 10'800.0 13'226.0 18'048.0 17'334.0 18'048.0 17'334.0 17'250.5 18'910.9 4'003.0 4'236.7
0.39x 0.82x 1.61x 0.89x 1.16x 3.92x 4.48x 1.23x 1.09x 5.38x 5.12x
1'370.0 893.0 1'571.0 2'469.0 2'225.0 2'469.0 2'225.0 2'671.3 3'089.6 580.7 656.3
4.13x 9.96x 13.55x 6.48x 9.03x 6.48x 9.03x 8.14x 7.04x 8.29x 7.95x
755.0 428.0 1'040.0 1'848.0 1'645.0 1'848.0 1'645.0 1'633.4 1'906.0 354.5 401.6
6.73x 18.42x 21.24x 9.70x 12.69x 9.93x 12.69x 13.34x 11.34x 13.32x 12.69x
EBITDA 2'225.00 Long-Term Rating Date 21.09.2011
EBIT 1'864.00 Long-Term Rating A
Operating Margin 10.75% Long-Term Outlook STABLE
Pretax Margin 13.10% Short-Term Rating Date 10.05.2002
Return on Assets 13.59% Short-Term Rating NR
Return on Common Equity 27.20%
Return on Capital 24.71% EBITDA/Interest Exp. 57.05
Asset Turnover 1.43% (EBITDA-Capex)/Interest Exp. 39.36
Net Debt/EBITDA -0.38
Gross Margin 26.0% Total Debt/EBITDA 0.35
EBITDA Margin 12.8%
EBIT Margin 10.8% Total Debt/Equity 11.7%
Net Income Margin 9.5% Total Debt/Capital 10.0%
Asset Turnover 1.43
Current Ratio 2.29 Net Fixed Asset Turnover 6.92
Quick Ratio 1.23 Accounts receivable turnover-days 47.37
Debt to Assets 6.18% Inventory Days 62.24
Tot Debt to Common Equity 11.74% Accounts Payable Turnover Day 40.91
Accounts Receivable Turnover 7.73 Cash Conversion Cycle 68.70
Inventory Turnover 5.88
Fiscal Year Ended
Cummins IncPrice/Volume
Valuation Analysis
493'754.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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2!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 18'182'200 9.58 (850'125) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 13'412'300 7.06 29'114 14.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 11'498'374 6.06 2'002'627 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'226'003 4.86 (224'409) 13.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'825'687 4.12 15'646 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'321'880 2.8 839'300 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 3'617'406 1.91 (281'173) 31.01.2013 Unclassified
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'358'370 1.77 910'899 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 3'194'784 1.68 (111'459) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'022'991 1.59 (103'934) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 2'697'615 1.42 2'697'615 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'413'555 1.27 182'312 31.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 2'305'579 1.21 (549'725) 31.12.2012 Unclassified
KUBOTA CORP n/a Co File 2'300'000 1.21 - 31.03.2012 Corporation
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 2'294'227 1.21 346'604 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'238'577 1.18 859'290 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'197'902 1.16 119'930 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'094'786 1.1 (1'023'611) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'027'266 1.07 47'442 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'003'289 1.06 (54'405) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray ALEXANDER E POTTER overweight 5 M 132 12 month 13.03.2013
BMO Capital Markets JOEL G TISS outperform 5 M 130 Not Provided 11.03.2013
Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 11.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 11.03.2013
Wolfe Trahan & Co TIMOTHY J DENOYER outperform 5 M 137 12 month 10.03.2013
Jefferies STEPHEN VOLKMANN hold 3 M 110 12 month 06.03.2013
CL King & Associates GARY A FARBER neutral 3 M #N/A N/A Not Provided 05.03.2013
Northcoast Research BRIAN M RAYLE neutral 3 M #N/A N/A Not Provided 05.03.2013
Robert W. Baird & Co DAVID LEIKER outperform 5 M 130 12 month 04.03.2013
Avondale Partners LLC KRISTINE KUBACKI market perform 3 M 110 12 month 04.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013
Credit Suisse JAMIE L COOK outperform 5 M 139 Not Provided 20.02.2013
JPMorgan ANN DUIGNAN neutral 3 M 115 9 month 20.02.2013
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.02.2013
Atlantic Equities LLP RORRIE MARS overweight 5 M 136 12 month 11.02.2013
Goldman Sachs JERRY REVICH Buy/Neutral 5 M 144 12 month 07.02.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 130 12 month 07.02.2013
ISI Group DAVID RASO buy 5 M 137 Not Provided 07.02.2013
Barclays ANDY KAPLOWITZ overweight 5 M 136 Not Provided 07.02.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 130 12 month 06.02.2013
S&P Capital IQ JAMES CORRIDORE strong buy 5 M 145 12 month 19.12.2012
Holdings By:
Cummins Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Concentric AB manufactures hydraulic products and diesel engine pumps. The
Company markets its products to manufacturers of trucks, agricultural
equipment, industrial vehicles and off-road machinery.
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 74.25
52-Week Low (12.10.2012) 42.40
Daily Volume
71.25
52-Week High % Change -4.38% Dividend Yield 3.51
52-Week Low % Change 68.04% Beta 1.19
% 52 Week Price Range High/Low 93.72% Equity Float -
Shares Out 14.03.2013 44.2 Short Int -
3'150.39 1 Yr Total Return 26.54%
Total Debt 188.00 YTD Return 27.23%
Preferred Stock 0.0 Adjusted BETA 1.188
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 288.00 Consensus Rating 3.833
Enterprise Value 3'050.39
Average Volume 5 Day 145'657
COIC SS EQUITY YTD Change - Average Volume 30 Day 161'361
COIC SS EQUITY YTD % CHANGE - Average Volume 3 Month 121'287
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
- 1'406.0 1'977.0 2'283.0 2'129.0 2'283.0 2'129.0 2'162.4 2'338.2 500.4 532.0
- - - 0.78x 1.11x 2.32x 4.27x 1.59x 1.42x 7.08x 6.74x
- 16.0 210.0 372.0 353.0 372.0 353.0 408.2 442.0 89.8 97.8
- - - 4.77x 6.68x 4.77x 6.68x 7.47x 6.88x 7.58x -
- (127.0) 36.0 176.0 155.0 176.0 155.0 207.6 239.2 44.2 49.0
- - - 10.02x 15.93x 10.02x 15.95x 15.12x 13.05x 15.44x -
EBITDA 353.00 Long-Term Rating Date -
EBIT 253.00 Long-Term Rating -
Operating Margin 11.88% Long-Term Outlook -
Pretax Margin 10.38% Short-Term Rating Date -
Return on Assets 8.89% Short-Term Rating -
Return on Common Equity 16.50%
Return on Capital 17.55% EBITDA/Interest Exp. 11.27
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 9.91
Net Debt/EBITDA -0.28
Gross Margin 26.3% Total Debt/EBITDA 0.53
EBITDA Margin 16.6%
EBIT Margin 11.9% Total Debt/Equity 19.9%
Net Income Margin 7.3% Total Debt/Capital 16.6%
Asset Turnover 1.22
Current Ratio 1.62 Net Fixed Asset Turnover 11.60
Quick Ratio 0.71 Accounts receivable turnover-days 37.33
Debt to Assets 11.06% Inventory Days 41.61
Tot Debt to Common Equity 19.94% Accounts Payable Turnover Day 55.42
Accounts Receivable Turnover 9.78 Cash Conversion Cycle 22.76
Inventory Turnover 8.80
Fiscal Year Ended
Concentric ABPrice/Volume
Valuation Analysis
14'904.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CREADES AB n/a Research 5'780'061 13.07 - 20.01.2012 Investment Advisor
LANNEBO FONDER AB n/a Research 4'623'600 10.46 54'100 18.10.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 2'671'991 6.04 - 17.04.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 2'230'190 5.04 - 31.12.2011 Other
HANDELSBANKEN FONDER n/a Research 2'162'835 4.89 (77'010) 15.11.2012 Investment Advisor
AFA FORSAKRINGAR n/a Co File 2'000'000 4.52 - 31.12.2011 Insurance Company
CARLSON GOERAN n/a Co File 1'800'000 4.07 - 31.12.2011 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 1'520'905 3.44 - 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 1'431'954 3.24 669'641 31.12.2012 Unclassified
UNIONEN n/a Co File 1'296'753 2.93 - 31.12.2011 Corporation
JP MORGAN CHASE BANK n/a Co File 977'645 2.21 - 31.12.2011 Investment Advisor
PAN CAPITAL AB n/a Short (906'428) -2.05 (57'481) 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 828'329 1.87 - 31.07.2012 Investment Advisor
CBNY DFA INT n/a Co File 764'229 1.73 - 31.12.2011 n/a
ENTER FONDER AB Multiple Portfolios MF-AGG 673'100 1.52 289'800 31.12.2012 Investment Advisor
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 520'000 1.18 520'000 31.01.2013 Investment Advisor
CARLSON FONDER AB Multiple Portfolios MF-AGG 472'185 1.07 79'676 31.01.2013 Investment Advisor
SKANDIA FONDER AB Multiple Portfolios MF-AGG 445'736 1.01 (115'950) 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 407'215 0.92 - 31.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 325'000 0.74 50'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier JOHAN EDVARDSSON buy 5 M 70 6 month 14.03.2013
SEB Enskilda ANDERS TRAPP hold 3 D 65 Not Provided 25.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013
Erik Penser Bankaktiebolag AB MAX FRYDEN buy 5 M 72 Not Provided 20.02.2013
Handelsbanken JON HYLTNER accumulate 4 M 70 12 month 19.02.2013
Swedbank MATS LISS neutral 3 D 60 12 month 19.02.2013
Holdings By:
Concentric AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
China Yuchai International Limited is a holding company. Through its
subsidiary, Guangxi Yuchai Machinery Company Limited (Yuchai), manufactures,
assembles, and sells diesel engines in China.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 18.51
52-Week Low (17.05.2012) 11.35
Daily Volume
15.5101
52-Week High % Change -16.20% Dividend Yield 5.80
52-Week Low % Change 36.67% Beta 1.23
% 52 Week Price Range High/Low 60.63% Equity Float 3.20
Shares Out 31.12.2012 37.3 Short Int 0.25
578.03 1 Yr Total Return -7.38%
Total Debt 586.63 YTD Return -1.65%
Preferred Stock 0.0 Adjusted BETA 1.229
Minority Interest 286.9 Analyst Recs 1
Cash and Equivalents 654.56 Consensus Rating 3.000
Enterprise Value 797.01
Average Volume 5 Day 26'392
CYD US EQUITY YTD Change - Average Volume 30 Day 42'937
CYD US EQUITY YTD % CHANGE - Average Volume 3 Month 46'243
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'519.4 1'930.1 2'472.1 2'450.9 2'139.8 2'403.5 2'131.3 2'265.0 2'419.0 556.0 599.0
0.25x 0.19x 0.37x 0.30x - 0.77x 0.00x - - - -
127.4 155.6 341.0 291.5 - 0.0 0.0 260.0 288.0 58.8 64.9
2.97x 2.38x 2.68x 2.51x - 0.00x 0.00x 3.07x 2.77x 3.07x 3.00x
36.9 92.0 170.4 129.9 89.7 123.5 89.5 96.9 120.0 21.1 24.3
3.88x 9.10x 7.01x 3.95x 6.54x 4.17x 6.57x 5.97x 4.83x 5.97x 5.64x
EBITDA 291.46 Long-Term Rating Date -
EBIT 183.72 Long-Term Rating -
Operating Margin 8.59% Long-Term Outlook -
Pretax Margin 6.73% Short-Term Rating Date -
Return on Assets 4.48% Short-Term Rating -
Return on Common Equity 14.91%
Return on Capital 12.71% EBITDA/Interest Exp. 10.30
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 5.77
Net Debt/EBITDA -
Gross Margin 21.4% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 8.6% Total Debt/Equity 66.7%
Net Income Margin 4.2% Total Debt/Capital 33.5%
Asset Turnover 0.87
Current Ratio 1.24 Net Fixed Asset Turnover 4.39
Quick Ratio 0.96 Accounts receivable turnover-days 129.66
Debt to Assets 19.30% Inventory Days 76.72
Tot Debt to Common Equity 66.70% Accounts Payable Turnover Day 232.27
Accounts Receivable Turnover 2.82 Cash Conversion Cycle -25.29
Inventory Turnover 4.76
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Yuchai International LtdPrice/Volume
Valuation Analysis
4'229.00
Current Price (3/dd/yy) Market Data
&.135
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1'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HL TECHNOLOGY SYSTEM n/a 20F 12'998'040 34.88 - 01.03.2012 Corporation
YULIN CITY MUNICIPAL n/a 20F 7'028'151 18.86 318'829 01.03.2012 Government
GUANGXI YUCHAI MACHI n/a 13D 7'028'151 18.86 - 12.12.2012 Corporation
WELL SUMMIT INVESTME n/a 13D 5'166'871 13.86 440'020 21.11.2011 Corporation
SHAH CAPITAL MANAGEM SHAH CAPITAL MANAGEM 13F 2'293'248 6.15 (18'269) 31.12.2012 Hedge Fund Manager
TAI TAK INDUSTRIES P n/a 13G 1'850'266 4.96 (77'407) 16.11.2009 Corporation
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 1'519'176 4.08 (14'640) 31.12.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 891'436 2.39 (3'631) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 328'323 0.88 76'803 31.12.2012 Government
FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 308'717 0.83 45'293 31.12.2012 Investment Advisor
SUNTRUST BANKS INC n/a ULT-AGG 243'186 0.65 (2'539) 31.12.2012 Bank
FORWARD MANAGEMENT L FORWARD MANAGEMENT L 13F 229'247 0.62 107'965 31.12.2012 Investment Advisor
PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 223'234 0.6 (26'350) 31.12.2012 Investment Advisor
ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 195'056 0.52 46'291 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 167'678 0.45 4'119 31.12.2012 Investment Advisor
DEGROOF GESTION INST Multiple Portfolios MF-AGG 140'220 0.38 - 29.03.2012 Investment Advisor
CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 127'800 0.34 11'400 31.12.2012 Pension Fund (ERISA)
CAUSEWAY CAPITAL MAN CAUSEWAY CAPITAL MAN 13F 111'469 0.3 - 31.12.2012 Investment Advisor
STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 85'205 0.23 - 31.12.2012 Pension Fund (ERISA)
GAMCO n/a ULT-AGG 76'000 0.2 - 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray ALEXANDER E POTTER neutral 3 M 16 12 month 27.02.2013
Holdings By:
China Yuchai International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Deutz AG develops and manufactures liquid- and air-cooled diesel and gas
engines. The Company's products are used in buses, trucks, ships, locomotives,
and power generation plants. Deutz also offers maintenance and reconditioning
services.
manufacturers worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (15.03.2012) 5.59
52-Week Low (31.08.2012) 2.89
Daily Volume
4.329
52-Week High % Change -22.28% Dividend Yield -
52-Week Low % Change 49.74% Beta 1.25
% 52 Week Price Range High/Low 58.52% Equity Float 28.11
Shares Out 30.09.2012 120.9 Short Int -
523.21 1 Yr Total Return -17.68%
Total Debt 121.20 YTD Return 22.29%
Preferred Stock 0.0 Adjusted BETA 1.246
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 51.60 Consensus Rating 3.615
Enterprise Value 651.21
Average Volume 5 Day 534'186
DEZ GR EQUITY YTD Change - Average Volume 30 Day 448'178
DEZ GR EQUITY YTD % CHANGE - Average Volume 3 Month 451'975
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'524.2 1'495.0 863.4 1'189.1 1'529.0 1'492.2 1'374.9 1'315.6 1'383.7 344.0 -
0.49x 0.20x 0.47x 0.70x 0.37x 2.14x 1.79x 0.51x 0.47x 1.82x -
162.6 80.2 4.7 108.4 161.4 117.2 136.0 122.2 135.7 40.8 -
4.60x 3.74x 86.56x 7.65x 3.51x 0.00x 4.06x 5.33x 4.80x - -
183.3 (8.3) (124.0) (15.9) 75.5 61.3 33.1 25.8 39.9 10.1 -
13.67x - - - 7.21x 8.24x 15.97x 20.23x 13.16x - -
EBITDA 161.40 Long-Term Rating Date -
EBIT 92.30 Long-Term Rating -
Operating Margin 6.04% Long-Term Outlook -
Pretax Margin 5.00% Short-Term Rating Date -
Return on Assets 3.02% Short-Term Rating -
Return on Common Equity 7.39%
Return on Capital - EBITDA/Interest Exp. 11.21
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 4.42
Net Debt/EBITDA 0.89
Gross Margin - Total Debt/EBITDA 1.11
EBITDA Margin 9.9%
EBIT Margin 4.3% Total Debt/Equity 26.7%
Net Income Margin 4.9% Total Debt/Capital 21.1%
Asset Turnover 1.25
Current Ratio 1.34 Net Fixed Asset Turnover 4.42
Quick Ratio 0.63 Accounts receivable turnover-days 38.49
Debt to Assets 11.03% Inventory Days -
Tot Debt to Common Equity 26.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.51 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutz AGPrice/Volume
Valuation Analysis
568'096.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAME DEUTZ FAHR n/a Research 32'318'440 26.74 - 01.02.2012 n/a
VOLVO AB n/a Research 30'215'450 25 - 12.09.2012 Corporation
VOLVO AB n/a Research 30'215'447 25 - 12.09.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 975'618 0.81 46'431 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 928'450 0.77 543'644 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 816'877 0.68 - 31.07.2012 Investment Advisor
SPARINVEST n/a ULT-AGG 798'833 0.66 - 28.02.2013 Investment Advisor
KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 750'000 0.62 150'000 30.11.2012 Mutual Fund Manager
UBS INVEST KAG Multiple Portfolios MF-AGG 520'000 0.43 - 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 245'214 0.2 1'181 13.03.2013 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 241'566 0.2 - 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 200'000 0.17 200'000 28.09.2012 Investment Advisor
BANKINVEST ASSET MAN Multiple Portfolios MF-AGG 199'037 0.16 - 28.02.2013 Investment Advisor
WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 155'000 0.13 (30'000) 31.12.2012 Mutual Fund Manager
CREDIT SUISSE FUND S Multiple Portfolios MF-AGG 145'696 0.12 (12'331) 28.12.2012 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 140'385 0.12 43'504 28.09.2012 Mutual Fund Manager
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 117'669 0.1 117'669 28.12.2012 Mutual Fund Manager
CLARIDEN SICAV Multiple Portfolios MF-AGG 73'000 0.06 5'000 30.03.2012 Investment Advisor
CALVERT INVESTMENT C Multiple Portfolios MF-AGG 60'204 0.05 1'886 31.01.2013 Investment Advisor
WARBURG INVEST Multiple Portfolios MF-AGG 60'000 0.05 - 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Metzler HELENA WUESTENFELD sell 1 M 3 12 month 15.03.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 5 6 month 13.03.2013
DZ Bank AG JASKO TERZIC buy 5 U 5 12 month 28.02.2013
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 5 6 month 22.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank FELICITAS VON BISMARCK hold 3 M #N/A N/A Not Provided 12.01.2013
HSBC JUERGEN SIEBRECHT overweight 5 M 5 Not Provided 09.01.2013
Berenberg Bank FREDERIK BITTER buy 5 M 4 Not Provided 08.01.2013
Kepler Capital Markets STEFAN AUGUSTIN hold 3 M 3 Not Provided 16.11.2012
Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 3 12 month 08.11.2012
Solventis WPH-Bank GmbH KLAUS SOER buy 5 M 8 12 month 21.03.2012
Nordea Equity Research ANDREAS KOSKI buy 5 M 202 12 month 01.02.2013
Handelsbanken PEDER FROLEN accumulate 4 M 190 12 month 01.02.2013
Natixis LUDOVIC DEBAILLEUX neutral 3 M 178 Not Provided 01.02.2013
DNB Markets LARS BRORSON hold 3 M 185 Not Provided 01.02.2013
Barclays ALLAN SMYLIE overweight 5 M 175 Not Provided 01.02.2013
Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 163 12 month 31.01.2013
JPMorgan ANDREAS WILLI neutral 3 M 192 9 month 31.01.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 175 12 month 31.01.2013
Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 31.01.2013
CA Cheuvreux JOAKIM HOGLUND outperform 5 M 215 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank ALEXANDER VIRGO hold 3 M 185 Not Provided 08.01.2013
Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 08.10.2012
Deutsche Bank JOHAN WETTERGREN hold 3 M 170 12 month 30.04.2012
Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011
Holdings By:
Deutz AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
FLSmidth & Company A/S is a machinery company. The Company designs,
manufactures, and supplies production plants, equipment, single machinery, and
spare parts primarily to the cement and minerals industries. FLSmidth is based
in Denmark.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2012) 428.90
52-Week Low (14.06.2012) 288.50
Daily Volume
366
52-Week High % Change -14.69% Dividend Yield -
52-Week Low % Change 26.86% Beta 1.15
% 52 Week Price Range High/Low 58.33% Equity Float -
Shares Out 14.03.2013 53.2 Short Int -
19'471.20 1 Yr Total Return -11.93%
Total Debt 4'378.00 YTD Return 11.86%
Preferred Stock 0.0 Adjusted BETA 1.148
Minority Interest 49.0 Analyst Recs 18
Cash and Equivalents 1'566.00 Consensus Rating 4.000
Enterprise Value 22'332.20
Average Volume 5 Day 260'633
FLS DC EQUITY YTD Change - Average Volume 30 Day 437'177
FLS DC EQUITY YTD % CHANGE - Average Volume 3 Month 382'481
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
25'285.0 23'134.0 20'186.0 20'538.0 24'849.0 20'538.0 24'849.0 28'099.9 27'911.7 6'063.0 6'807.0
0.41x 0.78x 1.32x 0.85x 0.80x 3.72x 3.20x 0.79x 0.77x 3.24x 2.87x
2'877.0 2'721.0 2'389.0 2'515.0 2'723.0 2'515.0 2'759.0 2'905.5 3'268.2 554.3 650.0
3.57x 6.64x 11.13x 6.96x 7.28x 6.96x 7.18x 7.69x 6.83x 8.00x 7.45x
1'515.0 1'670.0 1'284.0 1'427.0 1'306.0 1'427.0 1'306.0 1'599.2 1'846.9 299.0 362.5
6.53x 11.25x 21.76x 13.18x 13.36x 13.18x 13.43x 11.89x 10.28x 12.21x 11.31x
EBITDA 2'723.00 Long-Term Rating Date -
EBIT 1'969.00 Long-Term Rating -
Operating Margin 7.92% Long-Term Outlook -
Pretax Margin 7.75% Short-Term Rating Date -
Return on Assets 4.55% Short-Term Rating -
Return on Common Equity 14.33%
Return on Capital - EBITDA/Interest Exp. 34.04
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 24.80
Net Debt/EBITDA 1.02
Gross Margin 24.5% Total Debt/EBITDA 1.59
EBITDA Margin 11.1%
EBIT Margin 8.1% Total Debt/Equity 46.7%
Net Income Margin 5.3% Total Debt/Capital 31.7%
Asset Turnover 0.87
Current Ratio 1.16 Net Fixed Asset Turnover 9.33
Quick Ratio 0.46 Accounts receivable turnover-days 84.46
Debt to Assets 13.73% Inventory Days 47.71
Tot Debt to Common Equity 46.72% Accounts Payable Turnover Day 55.38
Accounts Receivable Turnover 4.33 Cash Conversion Cycle 76.80
Inventory Turnover 7.67
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
FLSmidth & Co A/SPrice/Volume
Valuation Analysis
211'157.00
Current Price (3/dd/yy) Market Data
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OPPENHEIMERFUNDS INC n/a Research 2'743'887 5.16 - 13.07.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'465'718 2.76 (19'901) 31.12.2012 Investment Advisor
GREENLIGHT CAPITAL I n/a Short (1'415'120) -2.66 106'400 21.12.2012 Hedge Fund Manager
FLSMIDTH & CO A/S n/a Co File 927'425 1.74 - 31.12.2011 Unclassified
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 896'347 1.68 (73'235) 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (750'120) -1.41 (42'560) 28.02.2013 Hedge Fund Manager
AQR CAPITAL MANAGEME n/a Short (707'560) -1.33 (58'520) 11.02.2013 Hedge Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 681'997 1.28 900 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 577'832 1.09 4'749 31.12.2012 Investment Advisor
D E SHAW & CO LP n/a Short (537'320) -1.01 (58'520) 18.01.2013 Unclassified
CITADEL EUROPE LLP n/a Short (430'920) -0.81 (53'200) 12.02.2013 Unclassified
MADISON SQUARE INVES Multiple Portfolios MF-AGG 345'570 0.65 - 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 309'016 0.58 97'494 31.01.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 280'854 0.53 - 28.02.2013 Mutual Fund Manager
UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 272'937 0.51 (57'094) 30.11.2012 Mutual Fund Manager
HIGHBRIDGE CAPITAL M n/a Short (262'650) -0.49 29'950 13.02.2013 Hedge Fund Manager
MARSHALL WACE LLP n/a Short (254'838) -0.48 27'122 25.01.2013 Hedge Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 236'000 0.44 90'000 28.02.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 213'155 0.4 - 31.03.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 207'154 0.39 35'750 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier JOHANNES GRUNSELIUS sell 1 M 360 6 month 14.03.2013
Exane BNP Paribas ALEXIS DENAUD neutral 3 M 450 Not Provided 14.03.2013
Nordea Equity Research PATRIK SETTERBERG buy 5 M 430 12 month 13.03.2013
Jyske Bank JANNE VINCENT KJAER buy 5 D 440 Not Provided 08.03.2013
AlphaValue LIONEL PELLICER add 4 M 410 6 month 07.03.2013
JPMorgan ALEXANDER WHIGHT overweight 5 M 435 12 month 19.02.2013
Carnegie LARS TOPHOLM hold 3 M #N/A N/A Not Provided 19.02.2013
SEB Enskilda DANIEL PATTERSON buy 5 M 430 Not Provided 18.02.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 450 Not Provided 15.02.2013
Alm Brand Markets STIG NYMANN buy 5 M 475 Not Provided 13.02.2013
NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 13.02.2013
Handelsbanken FASIAL KALIM AHMAD accumulate 4 M 416 12 month 13.02.2013
DNB Markets SAMPSA KARHUNEN hold 3 M 365 Not Provided 13.02.2013
Danske Markets KENNETH LEILING hold 3 M 365 12 month 13.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 502 12 month 12.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 09.05.2011
Holdings By:
FLSmidth & Co A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Joy Global Inc. manufactures and markets underground mining equipment and
surface mining equipment. The Company's equipment is used for the extraction of
ores and minerals.
Latest Fiscal Year: 10/2012
LTM as of: 01/yy
52-Week High (19.03.2012) 81.09
52-Week Low (12.07.2012) 47.69
Daily Volume
62.19
52-Week High % Change -23.25% Dividend Yield 1.13
52-Week Low % Change 30.40% Beta 1.57
% 52 Week Price Range High/Low 41.92% Equity Float 105.38
Shares Out 22.02.2013 106.2 Short Int 5.45
6'604.93 1 Yr Total Return -19.87%
Total Debt 1'371.94 YTD Return -2.22%
Preferred Stock 0.0 Adjusted BETA 1.572
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 263.87 Consensus Rating 4.304
Enterprise Value 7'689.96
Average Volume 5 Day 2'087'685
JOY US EQUITY YTD Change - Average Volume 30 Day 2'436'263
JOY US EQUITY YTD % CHANGE - Average Volume 3 Month 2'181'226
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
3'418.9 3'598.3 3'524.3 4'403.9 5'660.9 4'670.6 5'674.6 5'084.4 5'100.1 1'284.3 1'246.0
0.98x 1.45x 1.98x 2.43x 1.35x 9.07x 5.47x 1.40x 1.32x 5.71x 5.85x
622.6 760.9 756.9 999.3 1'325.4 1'070.2 1'326.1 1'142.9 1'164.4 282.2 284.2
5.37x 6.88x 9.23x 10.70x 5.76x 10.65x 5.88x 6.72x 6.59x 6.76x 6.70x
374.3 454.7 461.5 609.7 762.0 649.8 761.8 665.2 687.1 170.0 168.1
8.65x 11.28x 16.13x 15.48x 8.91x 15.19x 9.01x 9.99x 9.64x 9.87x 9.87x
EBITDA 1'325.40 Long-Term Rating Date 15.02.2011
EBIT 1'172.56 Long-Term Rating BBB
Operating Margin 20.71% Long-Term Outlook STABLE
Pretax Margin 19.52% Short-Term Rating Date -
Return on Assets 12.34% Short-Term Rating -
Return on Common Equity 31.59%
Return on Capital 20.26% EBITDA/Interest Exp. 18.09
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 14.80
Net Debt/EBITDA 0.82
Gross Margin 33.2% Total Debt/EBITDA 1.02
EBITDA Margin 23.4%
EBIT Margin 20.8% Total Debt/Equity 53.2%
Net Income Margin 13.5% Total Debt/Capital 34.7%
Asset Turnover 0.92
Current Ratio 1.77 Net Fixed Asset Turnover 7.43
Quick Ratio 0.84 Accounts receivable turnover-days 72.08
Debt to Assets 22.34% Inventory Days 144.21
Tot Debt to Common Equity 53.23% Accounts Payable Turnover Day 43.29
Accounts Receivable Turnover 5.05 Cash Conversion Cycle 157.61
Inventory Turnover 2.52
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Joy Global IncPrice/Volume
Valuation Analysis
539'386.00
Current Price (3/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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-.!& 8
-1!& 8
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
2!&&
-&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'242'411 5.88 72'907 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 5'227'634 4.92 104'508 14.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'153'078 4.85 17'655 13.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'609'267 4.34 306'529 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'055'177 2.88 (110'123) 31.12.2012 Investment Advisor
SUNTRUST BANKS INC n/a ULT-AGG 2'063'527 1.94 (314'504) 31.12.2012 Bank
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 2'035'875 1.92 866'185 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'925'865 1.81 (508'998) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'874'682 1.77 329'297 31.12.2012 Investment Advisor
HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 1'862'169 1.75 71'389 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'812'147 1.71 304'979 28.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'737'486 1.64 (986'763) 31.12.2012 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'736'601 1.64 53'224 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'732'195 1.63 374'699 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'693'012 1.59 421'766 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'622'238 1.53 (92'290) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'599'262 1.51 132'540 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 1'569'490 1.48 14'467 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 1'445'087 1.36 (102'942) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 1'441'654 1.36 (428'537) 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James THEONI PILARINOS market perform 3 M 67 12 month 14.03.2013
Northcoast Research BRIAN M RAYLE buy 5 M 90 12 month 13.03.2013
BMO Capital Markets JOEL G TISS market perform 3 M 65 Not Provided 11.03.2013
Piper Jaffray ALEXANDER E POTTER overweight 5 M 84 12 month 04.03.2013
SunTrust Robinson Humphrey JAMES KAWAI buy 5 M 83 12 month 28.02.2013
Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 72 12 month 28.02.2013
Macquarie SAMEER RATHOD outperform 5 M 75 12 month 28.02.2013
BB&T Capital Markets C SCHON WILLIAMS buy 5 M 75 12 month 28.02.2013
Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 28.02.2013
Susquehanna Financial Group TED GRACE neutral 3 M 73 12 month 28.02.2013
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 U 78 Not Provided 28.02.2013
Barclays ANDY KAPLOWITZ overweight 5 M 79 Not Provided 28.02.2013
JPMorgan ANN DUIGNAN neutral 3 M 60 9 month 27.02.2013
Jefferies STEPHEN VOLKMANN hold 3 M 60 12 month 27.02.2013
William Blair & Co LAWRENCE T DE MARIA outperform 5 M 75 12 month 27.02.2013
KeyBanc Capital Markets STEVE BARGER buy 5 M 75 12 month 27.02.2013
CL King & Associates MICHAEL W GALLO buy 5 M 90 12 month 27.02.2013
S&P Capital IQ MICHAEL JAFFE buy 5 M 91 Not Provided 25.01.2013
Goldman Sachs JERRY REVICH Buy/Neutral 5 M 83 12 month 22.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
RBC Capital Markets SETH R WEBER outperform 5 M 81 12 month 10.01.2013
Holdings By:
Joy Global Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Metso Corporation is a global supplier of process industry machinery and
systems. The Company's core businesses are divided between Metso Paper (fiber
and paper technology), Metso Minerals (rock and mineral processing), and Metso
Automation (automation and control technology). Metso's main market areas are
Europe and North America. The Company also invests in venture companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.03.2012) 37.27
52-Week Low (04.06.2012) 24.88
Daily Volume
32.21
52-Week High % Change -13.58% Dividend Yield -
52-Week Low % Change 29.46% Beta 1.35
% 52 Week Price Range High/Low 57.79% Equity Float -
Shares Out 14.03.2013 150.3 Short Int -
4'842.72 1 Yr Total Return -7.78%
Total Debt 1'290.00 YTD Return 0.53%
Preferred Stock 0.0 Adjusted BETA 1.351
Minority Interest 20.0 Analyst Recs 30
Cash and Equivalents 732.00 Consensus Rating 3.767
Enterprise Value 5'420.72
Average Volume 5 Day 480'592
MEO1V FH EQUITY YTD Change - Average Volume 30 Day 635'400
MEO1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 667'240
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'400.0 5'016.0 5'552.0 6'646.0 7'504.0 6'646.0 7'504.0 7'209.3 7'159.0 1'675.6 1'822.3
0.37x 0.89x 1.22x 0.70x 0.72x 3.16x 2.62x 0.72x 0.71x 3.19x 2.97x
767.0 416.0 580.0 745.0 764.0 745.0 764.0 792.5 804.9 168.4 206.1
3.05x 10.77x 11.72x 6.24x 7.04x 6.24x 7.04x 6.84x 6.73x 6.71x 6.53x
389.0 150.0 257.0 356.0 373.0 356.0 373.0 414.4 424.5 84.7 105.9
3.10x 23.23x 24.35x 12.04x 12.86x 12.03x 12.86x 11.86x 11.54x 11.55x 11.15x
EBITDA 764.00 Long-Term Rating Date 15.05.2007
EBIT 598.00 Long-Term Rating BBB
Operating Margin 7.97% Long-Term Outlook POS
Pretax Margin 7.33% Short-Term Rating Date 12.08.2010
Return on Assets 5.63% Short-Term Rating A-2
Return on Common Equity 17.26%
Return on Capital - EBITDA/Interest Exp. 9.93
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 7.75
Net Debt/EBITDA 0.73
Gross Margin 24.0% Total Debt/EBITDA 1.69
EBITDA Margin 10.2%
EBIT Margin 8.0% Total Debt/Equity 58.5%
Net Income Margin 5.0% Total Debt/Capital 36.7%
Asset Turnover 1.13
Current Ratio 1.48 Net Fixed Asset Turnover 8.90
Quick Ratio 0.25 Accounts receivable turnover-days -
Debt to Assets 19.42% Inventory Days 102.88
Tot Debt to Common Equity 58.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 113.33
Inventory Turnover 3.56
Fiscal Year Ended
Metso OYJPrice/Volume
Valuation Analysis
295'364.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 16'695'287 11.1 - 31.10.2012 Holding Company
CEVIAN CAPITAL AB n/a Research 7'790'060 5.18 - 03.08.2012 Venture Capital
ILMARINEN MUTUAL PEN n/a Research 6'341'943 4.22 - 31.10.2012 Insurance Company
VARMA MUTUAL PENSION n/a Research 3'908'465 2.6 - 31.10.2012 Insurance Company
LANSDOWNE PARTNERS n/a Short (2'751'374) -1.83 (240'557) 03.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'437'302 1.62 65'270 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'195'347 1.46 34'609 13.03.2013 Investment Advisor
FINLAND STATE PENSIO n/a Research 1'940'000 1.29 - 31.10.2012 Government
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'751'808 1.17 12'521 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'609'591 1.07 277'893 31.12.2012 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 1'462'871 0.97 - 31.10.2012 Pension Fund (ERISA)
OP FUND MANAGEMENT C n/a Research 1'405'973 0.94 (29'027) 31.10.2012 Investment Advisor
MANDATUM LIFE INSURA n/a Research 1'400'000 0.93 - 31.10.2012 Insurance Company
SVENSKA LITTERATURSA n/a Research 1'174'876 0.78 - 31.10.2012 Other
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'001'386 0.67 - 28.02.2013 Mutual Fund Manager
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 893'100 0.59 (12'001) 28.02.2013 Investment Advisor
ODEY ASSET MANAGEMEN n/a Short (872'020) -0.58 - 04.03.2013 Investment Advisor
ODIN FONDER n/a Research 840'020 0.56 - 31.10.2012 Mutual Fund Manager
SEB n/a ULT-AGG 787'645 0.52 258'093 31.12.2012 Unclassified
NORDEA FENNIA FUND n/a Research 775'000 0.52 - 31.10.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MARKUS ALMERUD Overwt/Cautious 5 M 40 12 month 15.03.2013
ABG Sundal Collier JOHANNES GRUNSELIUS sell 1 M 34 6 month 14.03.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 38 Not Provided 14.03.2013
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 38 Not Provided 14.03.2013
SEB Enskilda TOMI RAILO buy 5 M 38 Not Provided 13.03.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 38 12 month 12.03.2013
HSBC COLIN GIBSON underweight 1 M 28 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 40 Not Provided 08.03.2013
Evli Bank Plc ELINA RIUTTA buy 5 M 38 Not Provided 04.03.2013
AlphaValue LIONEL PELLICER add 4 M 38 6 month 28.02.2013
Carnegie TIMO HEINONEN buy 5 M #N/A N/A Not Provided 27.02.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 38 Not Provided 20.02.2013
Deutsche Bank ANETTE LUOMANPERA hold 3 M 30 12 month 12.02.2013
Pareto Securities JARI HARJUNPAA hold 3 D 34 6 month 11.02.2013
FIM SANNA KAJE accumulate 4 M 37 12 month 11.02.2013
Nordea Equity Research JAN KAIJALA buy 5 M 38 12 month 08.02.2013
Handelsbanken TOM SKOGMAN buy 5 M 41 12 month 08.02.2013
DNB Markets SAMPSA KARHUNEN buy 5 M 40 Not Provided 08.02.2013
Barclays ALLAN SMYLIE equalweight 3 M 32 Not Provided 08.02.2013
Danske Markets ANTTI SUTTELIN hold 3 D 36 12 month 08.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 40 12 month 07.02.2013
JPMorgan ALEXANDER WHIGHT underweight 1 M 32 9 month 07.02.2013
Nomura KLAS BERGELIND reduce 2 M 26 12 month 07.02.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 39 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Swedbank ERKKI VESOLA buy 5 M 30 12 month 26.10.2012
Holdings By:
Metso OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
The Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes
and related products and foodservice equipment. The Company's products include
lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks as
well as ice making machines, refrigerators, and freezers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 20.79
52-Week Low (04.06.2012) 9.60
Daily Volume
20.6
52-Week High % Change -0.77% Dividend Yield 0.39
52-Week Low % Change 114.58% Beta 2.44
% 52 Week Price Range High/Low 97.59% Equity Float 131.15
Shares Out 31.01.2013 132.8 Short Int 9.40
2'735.29 1 Yr Total Return 30.76%
Total Debt 1'824.80 YTD Return 31.38%
Preferred Stock 0.0 Adjusted BETA 2.442
Minority Interest (19.0) Analyst Recs 15
Cash and Equivalents 76.10 Consensus Rating 3.867
Enterprise Value 4'464.99
Average Volume 5 Day 2'783'967
MTW US EQUITY YTD Change - Average Volume 30 Day 3'079'034
MTW US EQUITY YTD % CHANGE - Average Volume 3 Month 2'889'523
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'503.0 3'619.8 3'141.7 3'619.2 3'927.0 3'645.3 3'952.1 4'248.6 4'606.7 913.0 1'083.4
0.80x 0.93x 1.16x 0.83x 0.97x 4.09x 3.76x 1.02x 0.92x 5.17x 4.32x
640.9 355.7 338.8 342.8 400.4 345.2 477.2 500.2 577.0 92.3 133.8
5.63x 9.47x 10.71x 8.81x 9.52x 8.75x 7.99x 8.91x 7.73x 9.30x 8.99x
10.0 (704.2) (79.5) (11.2) 101.7 (10.8) 99.3 170.6 234.5 19.1 53.2
11.10x 34.38x 145.67x 24.18x 20.36x 24.18x 20.91x 16.14x 11.77x 16.41x 14.93x
EBITDA 400.40 Long-Term Rating Date 08.10.2010
EBIT 293.80 Long-Term Rating B+
Operating Margin 7.48% Long-Term Outlook STABLE
Pretax Margin 3.32% Short-Term Rating Date -
Return on Assets 2.46% Short-Term Rating -
Return on Common Equity 18.20%
Return on Capital 8.08% EBITDA/Interest Exp. 2.76
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 2.25
Net Debt/EBITDA 3.66
Gross Margin 23.8% Total Debt/EBITDA 3.82
EBITDA Margin 12.1%
EBIT Margin 7.4% Total Debt/Equity 304.0%
Net Income Margin 2.6% Total Debt/Capital 75.8%
Asset Turnover 0.98
Current Ratio 1.16 Net Fixed Asset Turnover 7.05
Quick Ratio 0.36 Accounts receivable turnover-days 29.04
Debt to Assets 44.98% Inventory Days 83.18
Tot Debt to Common Equity 303.98% Accounts Payable Turnover Day 106.31
Accounts Receivable Turnover 12.60 Cash Conversion Cycle 5.95
Inventory Turnover 4.40
Fiscal Year Ended
Manitowoc Co Inc/ThePrice/Volume
Valuation Analysis
911'899.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
2&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'411'923 5.58 93'785 31.12.2012 Investment Advisor
YORK CAPITAL MANAGME YORK CAPITAL MANAGEM 13F 5'701'270 4.29 (449'917) 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 4'469'560 3.37 1'387'027 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'131'902 3.11 33'699 13.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'319'389 2.5 (1'084'345) 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 3'295'884 2.48 775'884 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'970'295 2.24 2'415'056 31.12.2012 Hedge Fund Manager
RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 2'798'853 2.11 2'798'853 31.12.2012 Hedge Fund Manager
THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 2'709'008 2.04 (615'600) 31.12.2012 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 2'447'864 1.84 1'170'000 31.12.2012 Hedge Fund Manager
NATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 2'183'900 1.64 50'000 31.12.2012 Pension Fund (ERISA)
STATE STREET n/a ULT-AGG 2'072'313 1.56 61'402 31.12.2012 Investment Advisor
TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 2'003'186 1.51 1'992'588 31.12.2012 Pension Fund (ERISA)
TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 1'848'400 1.39 (460'800) 31.12.2012 Investment Advisor
GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 1'767'900 1.33 (756'600) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'745'860 1.31 118'963 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'301'481 0.98 89'480 31.12.2012 Investment Advisor
PALISADE CAPITAL MAN PALISADE CAPITAL MAN 13F 1'207'174 0.91 102'195 31.12.2012 Hedge Fund Manager
EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 1'165'470 0.88 17'074 31.12.2012 Investment Advisor
STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 1'139'817 0.86 (4'125'070) 31.12.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets SETH R WEBER outperform 5 M 23 12 month 20.02.2013
Susquehanna Financial Group TED GRACE Positive 4 M 23 12 month 05.02.2013
Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 22 12 month 04.02.2013
BB&T Capital Markets C SCHON WILLIAMS buy 5 M 22 12 month 04.02.2013
Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 04.02.2013
Barclays ANDY KAPLOWITZ overweight 5 M 23 Not Provided 04.02.2013
Northcoast Research BRIAN M RAYLE neutral 3 M #N/A N/A Not Provided 04.02.2013
BMO Capital Markets CHARLES D BRADY outperform 5 M 23 Not Provided 03.02.2013
Goldman Sachs JERRY REVICH Buy/Neutral 5 M 22 12 month 03.02.2013
Macquarie SAMEER RATHOD neutral 3 M 20 12 month 02.02.2013
JPMorgan ANN DUIGNAN neutral 3 M 18 9 month 01.02.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 20 12 month 01.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 01.02.2013
S&P Capital IQ MICHAEL JAFFE strong buy 5 M 24 Not Provided 30.11.2012
Imperial Capital LLC ALBERTO GARCIA-TUNON in-line 3 N #N/A N/A Not Provided 10.09.2009
Goldman Sachs JERRY REVICH Buy/Neutral 5 M 144 12 month 07.02.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 130 12 month 07.02.2013
ISI Group DAVID RASO buy 5 M 137 Not Provided 07.02.2013
Barclays ANDY KAPLOWITZ overweight 5 M 136 Not Provided 07.02.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 130 12 month 06.02.2013
S&P Capital IQ JAMES CORRIDORE strong buy 5 M 145 12 month 19.12.2012
Susquehanna Financial Group TED GRACE Positive 4 M 118 12 month 28.01.2013
Goldman Sachs JERRY REVICH Buy/Neutral 5 M 116 12 month 22.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Manitowoc Co Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Outotec Oyj provides technology solutions for the sustainable use of Earth's
natural resources. The Company designs, develops, and supplies tailored plants,
processes and equipment for the minerals and metals processing industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 52.10
52-Week Low (04.06.2012) 30.31
Daily Volume
48.88
52-Week High % Change -6.22% Dividend Yield -
52-Week Low % Change 61.27% Beta 1.26
% 52 Week Price Range High/Low 86.55% Equity Float -
Shares Out 14.03.2013 45.8 Short Int -
2'237.74 1 Yr Total Return 13.01%
Total Debt 97.90 YTD Return 15.36%
Preferred Stock 0.0 Adjusted BETA 1.264
Minority Interest 1.2 Analyst Recs 21
Cash and Equivalents 358.60 Consensus Rating 3.476
Enterprise Value 1'978.24
Average Volume 5 Day 248'589
OTE1V FH EQUITY YTD Change - Average Volume 30 Day 297'211
OTE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 280'593
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'217.9 877.7 969.6 1'385.6 2'087.4 1'385.6 2'087.4 2'190.3 2'190.4 460.3 556.4
0.11x 1.07x 1.97x 0.96x 0.79x 3.92x 2.76x 0.86x 0.82x 4.29x 3.60x
141.7 71.3 82.5 133.9 215.9 133.9 215.8 236.1 236.5 43.5 54.3
0.99x 13.13x 23.17x 9.89x 7.67x 9.89x 7.68x 8.38x 8.37x 8.18x 8.05x
94.0 42.3 26.7 79.3 127.8 79.3 127.7 146.9 151.4 23.5 31.5
4.80x 24.47x 78.55x 20.83x 15.18x 20.96x 15.16x 15.19x 14.85x 15.57x 15.19x
EBITDA 215.90 Long-Term Rating Date -
EBIT 184.50 Long-Term Rating -
Operating Margin 8.84% Long-Term Outlook -
Pretax Margin 8.61% Short-Term Rating Date -
Return on Assets 8.37% Short-Term Rating -
Return on Common Equity 29.04%
Return on Capital - EBITDA/Interest Exp. 60.86
Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 16.18
Net Debt/EBITDA -1.21
Gross Margin 20.8% Total Debt/EBITDA 0.45
EBITDA Margin 10.3%
EBIT Margin 8.8% Total Debt/Equity 20.4%
Net Income Margin 6.1% Total Debt/Capital 16.9%
Asset Turnover 1.37
Current Ratio 1.20 Net Fixed Asset Turnover 30.30
Quick Ratio 0.37 Accounts receivable turnover-days -
Debt to Assets 6.01% Inventory Days 36.45
Tot Debt to Common Equity 20.35% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 62.72
Inventory Turnover 10.04
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Outotec OYJPrice/Volume
Valuation Analysis
130'583.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 3'801'373 8.3 - 30.11.2012 Holding Company
ILMARINEN MUTUAL PEN n/a Research 2'938'343 6.42 - 30.11.2012 Insurance Company
TAMARES NORDIC INVES n/a Research 2'511'419 5.49 - 30.11.2012 Other
BLACKROCK n/a ULT-AGG 2'501'474 5.46 289 13.03.2013 Investment Advisor
VARMA MUTUAL PENSION n/a Research 2'205'785 4.82 - 30.11.2012 Insurance Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'824'693 3.99 30'243 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'127'183 2.46 224'804 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'051'616 2.3 (13'200) 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (1'030'059) -2.25 64'093 22.02.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'012'530 2.21 (145'921) 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 882'935 1.93 102'972 31.01.2013 Investment Advisor
CARLSON CAPITAL UK L n/a Short (700'440) -1.53 (27'468) 19.02.2013 Corporation
FINLAND STATE PENSIO n/a Research 669'138 1.46 - 30.11.2012 Government
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 663'552 1.45 (39'245) 30.11.2012 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 576'421 1.26 - 30.11.2012 Pension Fund (ERISA)
SEB n/a ULT-AGG 542'661 1.19 282'816 31.12.2012 Unclassified
OUTOTEC OYJ n/a Research 500'000 1.09 - 30.11.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 477'566 1.04 8'305 31.12.2012 Investment Advisor
MANDATUM LIFE INSURA n/a Co File 466'478 1.02 - 31.12.2011 Insurance Company
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 394'554 0.86 (35'000) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 54 6 month 14.03.2013
SEB Enskilda TOMI RAILO buy 5 M 56 Not Provided 13.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 13.03.2013
DNB Markets SAMPSA KARHUNEN sell 1 M 46 Not Provided 12.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 56 Not Provided 08.03.2013
Evli Bank Plc ELINA RIUTTA accumulate 4 M 54 Not Provided 04.03.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 57 Not Provided 15.02.2013
FIM SANNA KAJE accumulate 4 M 55 12 month 12.02.2013
Deutsche Bank ANETTE LUOMANPERA buy 5 M 55 12 month 08.02.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 U 56 Not Provided 08.02.2013
JPMorgan ALEXANDER WHIGHT underweight 1 D 43 9 month 08.02.2013
Carnegie TIMO HEINONEN buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research JAN KAIJALA buy 5 M 55 12 month 08.02.2013
Handelsbanken TOM SKOGMAN accumulate 4 M 55 12 month 08.02.2013
Danske Markets ANTTI SUTTELIN buy 5 M 58 12 month 08.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 62 12 month 07.02.2013
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 29 12 month 17.01.2013
Swedbank ERKKI VESOLA reduce 2 M 33 12 month 26.10.2012
Pohjola Bank Plc (ESN) JARI RAISANEN reduce 2 M 22 Not Provided 10.02.2010
Holdings By:
Outotec OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Astec Industries, Inc. designs, engineers, manufactures, markets, and finances
equipment and components used primarily in road building and related
construction activities. The Company's products are used in each phase of
road building, from quarrying and crushing the aggregate to application of the
road surface.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2012) 37.32
52-Week Low (01.06.2012) 25.53
Daily Volume
36.04
52-Week High % Change -3.28% Dividend Yield 2.77
52-Week Low % Change 41.19% Beta 1.42
% 52 Week Price Range High/Low 93.44% Equity Float 18.71
Shares Out 15.02.2013 22.8 Short Int 0.64
821.94 1 Yr Total Return -0.62%
Total Debt 0.00 YTD Return 8.03%
Preferred Stock 0.0 Adjusted BETA 1.419
Minority Interest 1.6 Analyst Recs 11
Cash and Equivalents 80.93 Consensus Rating 3.000
Enterprise Value 742.66
Average Volume 5 Day 35'915
ASTE US EQUITY YTD Change - Average Volume 30 Day 57'274
ASTE US EQUITY YTD % CHANGE - Average Volume 3 Month 66'492
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
973.7 738.1 771.3 908.6 936.3 945.9 975.2 1'004.1 1'081.6 258.6 259.1
0.72x 0.77x 0.83x 0.74x 0.73x 2.98x 2.89x - - - -
109.1 45.6 66.2 76.6 73.1 79.3 75.3 89.6 107.4 22.9 23.3
6.41x 12.44x 9.67x 8.81x 9.31x 8.51x 9.04x 8.32x 6.95x 8.74x -
63.1 3.1 32.4 39.9 40.2 39.9 40.2 44.7 54.8 12.3 12.4
11.19x 35.92x 22.82x 17.41x 23.01x 17.22x 22.09x 18.64x 14.98x 18.64x 17.15x
EBITDA 73.14 Long-Term Rating Date -
EBIT 50.10 Long-Term Rating -
Operating Margin 5.35% Long-Term Outlook -
Pretax Margin 5.63% Short-Term Rating Date -
Return on Assets 5.58% Short-Term Rating -
Return on Common Equity 7.48%
Return on Capital 7.54% EBITDA/Interest Exp. 215.76
Asset Turnover 1.35% (EBITDA-Capex)/Interest Exp. 139.01
Net Debt/EBITDA -1.07
Gross Margin 22.1% Total Debt/EBITDA 0.00
EBITDA Margin 7.7%
EBIT Margin 5.4% Total Debt/Equity 0.0%
Net Income Margin 4.3% Total Debt/Capital 0.0%
Asset Turnover 1.35
Current Ratio 3.46 Net Fixed Asset Turnover 5.26
Quick Ratio 1.15 Accounts receivable turnover-days 34.44
Debt to Assets 0.00% Inventory Days 146.17
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 24.08
Accounts Receivable Turnover 10.63 Cash Conversion Cycle 163.24
Inventory Turnover 2.50
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Astec Industries IncPrice/Volume
Valuation Analysis
59'157.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BROCK J DON n/a Form 4 2'113'592 9.27 - 28.02.2013 n/a
FRANKLIN RESOURCES n/a ULT-AGG 1'858'300 8.15 91'077 31.12.2012 Investment Advisor
BROCK LYNNE W n/a PROXY 1'596'842 7 (6'348) 15.02.2013 n/a
BLACKROCK n/a ULT-AGG 1'583'249 6.94 (30'402) 13.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'180'424 5.18 37'265 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'061'681 4.66 (53'800) 31.12.2012 Investment Advisor
CENTURY MANAGEMENT CENTURY MANAGEMENT 13F 1'028'671 4.51 (337) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 881'050 3.86 (4'570) 31.12.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 853'262 3.74 145'900 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 727'731 3.19 (31'761) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 668'554 2.93 24'458 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 618'288 2.71 (15'340) 31.12.2012 Investment Advisor
KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 612'125 2.68 40'650 31.12.2012 Investment Advisor
KENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 572'442 2.51 (3'797) 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 537'340 2.36 89'537 31.12.2012 Unclassified
HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 450'000 1.97 100'000 31.12.2012 Investment Advisor
F&C ASSET MANAGEMENT F&C ASSET MANAGEMENT 13F 389'771 1.71 68'639 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 374'878 1.64 1'004 31.12.2012 Investment Advisor
CHANNING CAPITAL MAN CHANNING CAPITAL MAN 13F 320'817 1.41 5'802 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 298'583 1.31 4'042 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach TODD VENCIL neutral 3 M 31 12 month 05.03.2013
Thompson Research Group NICHOLAS A COPPOLA hold 3 M #N/A N/A Not Provided 05.03.2013
Barrington Research WALTER S LIPTAK suspended coverage #N/A N/A M #N/A N/A Not Provided 28.02.2013
Robert W. Baird & Co MIRCEA DOBRE neutral 3 M 33 12 month 27.02.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 33 12 month 27.02.2013
CJS Securities JASON URSANER market perform 3 M 33 18 month 27.02.2013
Sidoti & Company LLC RICHARD H WESOLOWSKI neutral 3 M 35 12 month 27.02.2013
Griffin Securities MORRIS B AJZENMAN buy 5 M 45 12 month 27.02.2013
Susquehanna Financial Group TED GRACE neutral 3 M 37 12 month 27.02.2013
BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 26.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ MICHAEL JAFFE hold 3 M 34 Not Provided 19.12.2012
Holdings By:
Astec Industries Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Sany Heavy Industry Co., Ltd. manufactures and markets construction machinery
and related parts. The Company's products include concrete pumps, concrete
pump vehicles, road rollers, pavers, and other related products. Sany Heavy
Industry sells its products under the "Sany" trade mark.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.05.2012) 15.42
52-Week Low (04.12.2012) 7.59
Daily Volume
10.6
52-Week High % Change -31.26% Dividend Yield -
52-Week Low % Change 39.66% Beta 1.37
% 52 Week Price Range High/Low 37.55% Equity Float 2'800.19
Shares Out 31.01.2013 7'616.5 Short Int -
80'734.94 1 Yr Total Return -21.27%
Total Debt 20'774.33 YTD Return 0.09%
Preferred Stock 0.0 Adjusted BETA 1.375
Minority Interest 1'090.9 Analyst Recs 24
Cash and Equivalents 10'267.72 Consensus Rating 4.333
Enterprise Value 101'539.88
Average Volume 5 Day 33'274'500
600031 CH EQUITY YTD Change - Average Volume 30 Day 51'812'150
600031 CH EQUITY YTD % CHANGE - Average Volume 3 Month 55'029'170
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
9'138.0 13'727.5 18'917.0 33'823.7 50'516.8 0.0 0.0 49'699.8 56'495.9 11'678.0 -
6.28x 1.65x 3.00x 3.37x 2.11x #DIV/0! #DIV/0! 1.82x 1.61x 7.04x -
1'838.1 2'116.6 3'880.8 7'628.2 11'310.3 0.0 0.0 10'935.5 12'666.7 596.0 -
31.24x 10.71x 14.63x 14.95x 9.44x 0.00x 0.00x 9.29x 8.02x - -
1'606.2 1'232.2 2'639.9 5'615.5 8'648.9 0.0 0.0 6'504.4 7'502.6 378.0 2'594.0
34.57x 16.88x 20.80x 19.50x 11.01x 0.00x 0.00x 12.07x 10.07x 7.97x 6.20x
EBITDA 11'310.32 Long-Term Rating Date -
EBIT 10'586.88 Long-Term Rating -
Operating Margin 20.96% Long-Term Outlook -
Pretax Margin 21.36% Short-Term Rating Date -
Return on Assets 11.32% Short-Term Rating -
Return on Common Equity 32.83%
Return on Capital - EBITDA/Interest Exp. 14.78
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 5.46
Net Debt/EBITDA -
Gross Margin 36.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 15.4% Total Debt/Equity 105.7%
Net Income Margin 17.1% Total Debt/Capital 50.0%
Asset Turnover 0.83
Current Ratio 1.46 Net Fixed Asset Turnover 3.16
Quick Ratio 0.98 Accounts receivable turnover-days 136.83
Debt to Assets 40.49% Inventory Days 103.38
Tot Debt to Common Equity 105.65% Accounts Payable Turnover Day 62.03
Accounts Receivable Turnover 2.67 Cash Conversion Cycle 103.02
Inventory Turnover 3.54
Fiscal Year Ended
Sany Heavy Industry Co LtdPrice/Volume
Valuation Analysis
27'679'763.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANY GROUP CO LTD n/a Co File 4'281'311'012 56.21 - 31.12.2011 Corporation
WENGEN LIANG n/a Co File 286'575'517 3.76 - 31.12.2011 n/a
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 104'814'907 1.38 (52'970'003) 30.06.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 69'913'905 0.92 28'093'406 30.06.2012 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 55'108'931 0.72 (24'815'213) 30.06.2012 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 53'644'369 0.7 (2'101'690) 30.06.2012 Investment Advisor
E FUND MANAGEMENT Multiple Portfolios MF-AGG 51'272'762 0.67 17'301'736 30.06.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 47'505'241 0.62 2'762'243 30.06.2012 Investment Advisor
XIUGUO TANG n/a Co File 47'284'115 0.62 - 31.12.2011 n/a
ZHONGWU MAO n/a Co File 43'231'190 0.57 - 31.12.2011 n/a
WENBO XIANG n/a Co File 43'231'189 0.57 - 31.12.2011 n/a
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 41'711'986 0.55 35'877'974 30.06.2012 Investment Advisor
DI CHUN n/a Co File 37'436'485 0.49 - 31.12.2011 n/a
JIASHI FUND MANAGEME Multiple Portfolios MF-AGG 32'309'678 0.42 14'661'349 30.06.2012 Investment Advisor
JINHUA YUAN n/a Co File 25'668'519 0.34 - 31.12.2011 n/a
CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 24'998'775 0.33 - 15.03.2013 Investment Advisor
LION FUND MANAGEMENT Multiple Portfolios MF-AGG 21'507'889 0.28 411'506 30.06.2012 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 21'215'738 0.28 3'699'331 30.06.2012 Investment Advisor
FUGUI ZHOU n/a Co File 18'913'646 0.25 - 31.12.2011 n/a
FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 18'201'141 0.24 4'466'769 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura GE WENJIE neutral 3 M 14 Not Provided 14.03.2013
Guotai Junan LU JUAN buy 5 N 12 12 month 13.03.2013
Capital Securities Corp HAN WEIQI buy 5 M 14 Not Provided 11.03.2013
PingAn Securities ZHANG WEI buy 5 M #N/A N/A Not Provided 04.03.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 M 13 12 month 09.02.2013
Goldman Sachs TIAN LU neutral/neutral 3 M 13 12 month 08.02.2013
Northeast Securities Co Ltd JIANGTAO WU buy 5 M #N/A N/A Not Provided 31.01.2013
Citic Securities Co., Ltd GUO YALING buy 5 M #N/A N/A Not Provided 30.01.2013
Bank of China International XU MINLE buy 5 U 13 12 month 28.01.2013
Jefferies JULIAN BU hold 3 M 14 12 month 23.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 14.01.2013
Credit Suisse YANG SONG underperform 1 M 9 Not Provided 17.12.2012
HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012
Hong Yuan Securities PANG LINLIN add 4 M #N/A N/A Not Provided 26.11.2012
Fortune CLSA Securities Limited YANG YAN outperform 5 M 10 12 month 15.11.2012
Sinolink Securities Co Ltd DONGYA GUANG add 4 M #N/A N/A Not Provided 07.11.2012
China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 20.07.2012
Morgan Stanley KATE ZHU restricted #N/A N/A M #N/A N/A Not Provided 27.06.2012
China Securities Co., Ltd FUZHANG FENG buy 5 M 16 Not Provided 25.06.2012
China Investment Securities OUYANG JUN buy 5 M #N/A N/A Not Provided 19.04.2012
Industrial Securities WU HUA buy 5 M #N/A N/A Not Provided 16.04.2012
Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 09.04.2012
China Merchants Securities LIU RONG strong buy 5 M 20 6 month 06.04.2012
Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 31.01.2012
Bohai Securities Co Ltd DU PU buy 5 M #N/A N/A Not Provided 23.09.2011
Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 16.08.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 27.05.2011
Guodu Securities Co Ltd WEI JING strong buy 5 M #N/A N/A Not Provided 13.05.2011
ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 14.12.2010
China Galaxy Securities JU HOULIN speculative buy 4 M #N/A N/A Not Provided 27.01.2010
Sealand Securities LILI LIU buy 5 N #N/A N/A Not Provided 28.08.2009
Holdings By:
Sany Heavy Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
FLSmidth & Company A/S is a machinery company. The Company designs,
manufactures, and supplies production plants, equipment, single machinery, and
spare parts primarily to the cement and minerals industries. FLSmidth is based
in Denmark.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.03.2012) 428.90
52-Week Low (14.06.2012) 288.50
Daily Volume
366
52-Week High % Change -14.69% Dividend Yield -
52-Week Low % Change 26.86% Beta 1.15
% 52 Week Price Range High/Low 58.33% Equity Float -
Shares Out 14.03.2013 53.2 Short Int -
19'471.20 1 Yr Total Return -11.93%
Total Debt 4'378.00 YTD Return 11.86%
Preferred Stock 0.0 Adjusted BETA 1.148
Minority Interest 49.0 Analyst Recs 18
Cash and Equivalents 1'566.00 Consensus Rating 4.000
Enterprise Value 22'332.20
Average Volume 5 Day 260'633
FLS DC EQUITY YTD Change - Average Volume 30 Day 437'177
FLS DC EQUITY YTD % CHANGE - Average Volume 3 Month 382'481
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
25'285.0 23'134.0 20'186.0 20'538.0 24'849.0 0.0 0.0 28'099.9 27'911.7 6'063.0 6'807.0
0.41x 0.78x 1.32x 0.85x 0.80x #DIV/0! #DIV/0! 0.79x 0.77x 3.24x 2.87x
2'877.0 2'721.0 2'389.0 2'515.0 2'723.0 0.0 0.0 2'905.5 3'268.2 554.3 650.0
3.57x 6.64x 11.13x 6.96x 7.28x 0.00x 0.00x 7.69x 6.83x 8.00x 7.45x
1'515.0 1'670.0 1'284.0 1'427.0 1'306.0 0.0 0.0 1'599.2 1'846.9 299.0 362.5
6.53x 11.25x 21.76x 13.18x 13.36x 0.00x 0.00x 11.89x 10.28x 12.21x 11.31x
EBITDA 2'723.00 Long-Term Rating Date -
EBIT 1'969.00 Long-Term Rating -
Operating Margin 7.92% Long-Term Outlook -
Pretax Margin 7.75% Short-Term Rating Date -
Return on Assets 4.55% Short-Term Rating -
Return on Common Equity 14.33%
Return on Capital - EBITDA/Interest Exp. 34.04
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 24.80
Net Debt/EBITDA 1.02
Gross Margin 24.5% Total Debt/EBITDA 1.59
EBITDA Margin 11.1%
EBIT Margin 8.1% Total Debt/Equity 46.7%
Net Income Margin 5.3% Total Debt/Capital 31.7%
Asset Turnover 0.87
Current Ratio 1.16 Net Fixed Asset Turnover 9.33
Quick Ratio 0.46 Accounts receivable turnover-days 84.46
Debt to Assets 13.73% Inventory Days 47.71
Tot Debt to Common Equity 46.72% Accounts Payable Turnover Day 55.38
Accounts Receivable Turnover 4.33 Cash Conversion Cycle 76.80
Inventory Turnover 7.67
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
FLSmidth & Co A/SPrice/Volume
Valuation Analysis
211'157.00
Current Price (3/dd/yy) Market Data
&&&&&------
h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OPPENHEIMERFUNDS INC n/a Research 2'743'887 5.16 - 13.07.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'465'718 2.76 (19'901) 31.12.2012 Investment Advisor
GREENLIGHT CAPITAL I n/a Short (1'415'120) -2.66 106'400 21.12.2012 Hedge Fund Manager
FLSMIDTH & CO A/S n/a Co File 927'425 1.74 - 31.12.2011 Unclassified
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 896'347 1.68 (73'235) 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (750'120) -1.41 (42'560) 28.02.2013 Hedge Fund Manager
AQR CAPITAL MANAGEME n/a Short (707'560) -1.33 (58'520) 11.02.2013 Hedge Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 681'997 1.28 900 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 577'832 1.09 4'749 31.12.2012 Investment Advisor
D E SHAW & CO LP n/a Short (537'320) -1.01 (58'520) 18.01.2013 Unclassified
CITADEL EUROPE LLP n/a Short (430'920) -0.81 (53'200) 12.02.2013 Unclassified
MADISON SQUARE INVES Multiple Portfolios MF-AGG 345'570 0.65 - 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 309'016 0.58 97'494 31.01.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 280'854 0.53 - 28.02.2013 Mutual Fund Manager
UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 272'937 0.51 (57'094) 30.11.2012 Mutual Fund Manager
HIGHBRIDGE CAPITAL M n/a Short (262'650) -0.49 29'950 13.02.2013 Hedge Fund Manager
MARSHALL WACE LLP n/a Short (254'838) -0.48 27'122 25.01.2013 Hedge Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 236'000 0.44 90'000 28.02.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 213'155 0.4 - 31.03.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 207'154 0.39 35'750 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier JOHANNES GRUNSELIUS sell 1 M 360 6 month 14.03.2013
Exane BNP Paribas ALEXIS DENAUD neutral 3 M 450 Not Provided 14.03.2013
Nordea Equity Research PATRIK SETTERBERG buy 5 M 430 12 month 13.03.2013
Jyske Bank JANNE VINCENT KJAER buy 5 D 440 Not Provided 08.03.2013
AlphaValue LIONEL PELLICER add 4 M 410 6 month 07.03.2013
JPMorgan ALEXANDER WHIGHT overweight 5 M 435 12 month 19.02.2013
Carnegie LARS TOPHOLM hold 3 M #N/A N/A Not Provided 19.02.2013
SEB Enskilda DANIEL PATTERSON buy 5 M 430 Not Provided 18.02.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 450 Not Provided 15.02.2013
Alm Brand Markets STIG NYMANN buy 5 M 475 Not Provided 13.02.2013
NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 13.02.2013
Handelsbanken FASIAL KALIM AHMAD accumulate 4 M 416 12 month 13.02.2013
DNB Markets SAMPSA KARHUNEN hold 3 M 365 Not Provided 13.02.2013
Danske Markets KENNETH LEILING hold 3 M 365 12 month 13.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 502 12 month 12.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 09.05.2011
Holdings By:
FLSmidth & Co A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Outotec Oyj provides technology solutions for the sustainable use of Earth's
natural resources. The Company designs, develops, and supplies tailored plants,
processes and equipment for the minerals and metals processing industries.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 52.10
52-Week Low (04.06.2012) 30.31
Daily Volume
48.88
52-Week High % Change -6.22% Dividend Yield -
52-Week Low % Change 61.27% Beta 1.26
% 52 Week Price Range High/Low 86.55% Equity Float -
Shares Out 14.03.2013 45.8 Short Int -
2'237.74 1 Yr Total Return 13.01%
Total Debt 97.90 YTD Return 15.36%
Preferred Stock 0.0 Adjusted BETA 1.264
Minority Interest 1.2 Analyst Recs 21
Cash and Equivalents 358.60 Consensus Rating 3.476
Enterprise Value 1'978.24
Average Volume 5 Day 248'589
OTE1V FH EQUITY YTD Change - Average Volume 30 Day 297'211
OTE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 280'593
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'217.9 877.7 969.6 1'385.6 2'087.4 0.0 0.0 2'190.3 2'190.4 460.3 556.4
0.11x 1.07x 1.97x 0.96x 0.79x #DIV/0! #DIV/0! 0.86x 0.82x 4.29x 3.60x
141.7 71.3 82.5 133.9 215.9 0.0 0.0 236.1 236.5 43.5 54.3
0.99x 13.13x 23.17x 9.89x 7.67x 0.00x 0.00x 8.38x 8.37x 8.18x 8.05x
94.0 42.3 26.7 79.3 127.8 0.0 0.0 146.9 151.4 23.5 31.5
4.80x 24.47x 78.55x 20.83x 15.18x 0.00x 0.00x 15.19x 14.85x 15.57x 15.19x
EBITDA 215.90 Long-Term Rating Date -
EBIT 184.50 Long-Term Rating -
Operating Margin 8.84% Long-Term Outlook -
Pretax Margin 8.61% Short-Term Rating Date -
Return on Assets 8.37% Short-Term Rating -
Return on Common Equity 29.04%
Return on Capital - EBITDA/Interest Exp. 60.86
Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 16.18
Net Debt/EBITDA -1.21
Gross Margin 20.8% Total Debt/EBITDA 0.45
EBITDA Margin 10.3%
EBIT Margin 8.8% Total Debt/Equity 20.4%
Net Income Margin 6.1% Total Debt/Capital 16.9%
Asset Turnover 1.37
Current Ratio 1.20 Net Fixed Asset Turnover 30.30
Quick Ratio 0.37 Accounts receivable turnover-days -
Debt to Assets 6.01% Inventory Days 36.45
Tot Debt to Common Equity 20.35% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 62.72
Inventory Turnover 10.04
Fiscal Year Ended
Outotec OYJPrice/Volume
Valuation Analysis
130'583.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&&&&&------
h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8
0.0
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0.8
0.9
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 3'801'373 8.3 - 30.11.2012 Holding Company
ILMARINEN MUTUAL PEN n/a Research 2'938'343 6.42 - 30.11.2012 Insurance Company
TAMARES NORDIC INVES n/a Research 2'511'419 5.49 - 30.11.2012 Other
BLACKROCK n/a ULT-AGG 2'501'474 5.46 289 13.03.2013 Investment Advisor
VARMA MUTUAL PENSION n/a Research 2'205'785 4.82 - 30.11.2012 Insurance Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'824'693 3.99 30'243 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'127'183 2.46 224'804 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'051'616 2.3 (13'200) 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (1'030'059) -2.25 64'093 22.02.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'012'530 2.21 (145'921) 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 882'935 1.93 102'972 31.01.2013 Investment Advisor
CARLSON CAPITAL UK L n/a Short (700'440) -1.53 (27'468) 19.02.2013 Corporation
FINLAND STATE PENSIO n/a Research 669'138 1.46 - 30.11.2012 Government
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 663'552 1.45 (39'245) 30.11.2012 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 576'421 1.26 - 30.11.2012 Pension Fund (ERISA)
SEB n/a ULT-AGG 542'661 1.19 282'816 31.12.2012 Unclassified
OUTOTEC OYJ n/a Research 500'000 1.09 - 30.11.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 477'566 1.04 8'305 31.12.2012 Investment Advisor
MANDATUM LIFE INSURA n/a Co File 466'478 1.02 - 31.12.2011 Insurance Company
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 394'554 0.86 (35'000) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 54 6 month 14.03.2013
SEB Enskilda TOMI RAILO buy 5 M 56 Not Provided 13.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 13.03.2013
DNB Markets SAMPSA KARHUNEN sell 1 M 46 Not Provided 12.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 56 Not Provided 08.03.2013
Evli Bank Plc ELINA RIUTTA accumulate 4 M 54 Not Provided 04.03.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 57 Not Provided 15.02.2013
FIM SANNA KAJE accumulate 4 M 55 12 month 12.02.2013
Deutsche Bank ANETTE LUOMANPERA buy 5 M 55 12 month 08.02.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 U 56 Not Provided 08.02.2013
JPMorgan ALEXANDER WHIGHT underweight 1 D 43 9 month 08.02.2013
Carnegie TIMO HEINONEN buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research JAN KAIJALA buy 5 M 55 12 month 08.02.2013
Handelsbanken TOM SKOGMAN accumulate 4 M 55 12 month 08.02.2013
Danske Markets ANTTI SUTTELIN buy 5 M 58 12 month 08.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 62 12 month 07.02.2013
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 29 12 month 17.01.2013
Swedbank ERKKI VESOLA reduce 2 M 33 12 month 26.10.2012
Pohjola Bank Plc (ESN) JARI RAISANEN reduce 2 M 22 Not Provided 10.02.2010
Holdings By:
Outotec OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Metso Corporation is a global supplier of process industry machinery and
systems. The Company's core businesses are divided between Metso Paper (fiber
and paper technology), Metso Minerals (rock and mineral processing), and Metso
Automation (automation and control technology). Metso's main market areas are
Europe and North America. The Company also invests in venture companies.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (16.03.2012) 37.27
52-Week Low (04.06.2012) 24.88
Daily Volume
32.21
52-Week High % Change -13.58% Dividend Yield -
52-Week Low % Change 29.46% Beta 1.35
% 52 Week Price Range High/Low 57.79% Equity Float -
Shares Out 14.03.2013 150.3 Short Int -
4'842.72 1 Yr Total Return -7.78%
Total Debt 1'290.00 YTD Return 0.53%
Preferred Stock 0.0 Adjusted BETA 1.351
Minority Interest 20.0 Analyst Recs 30
Cash and Equivalents 732.00 Consensus Rating 3.767
Enterprise Value 5'420.72
Average Volume 5 Day 480'592
MEO1V FH EQUITY YTD Change - Average Volume 30 Day 635'400
MEO1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 667'240
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'400.0 5'016.0 5'552.0 6'646.0 7'504.0 0.0 0.0 7'209.3 7'159.0 1'675.6 1'822.3
0.37x 0.89x 1.22x 0.70x 0.72x #DIV/0! #DIV/0! 0.72x 0.71x 3.19x 2.97x
767.0 416.0 580.0 745.0 764.0 0.0 0.0 792.5 804.9 168.4 206.1
3.05x 10.77x 11.72x 6.24x 7.04x 0.00x 0.00x 6.84x 6.73x 6.71x 6.53x
389.0 150.0 257.0 356.0 373.0 0.0 0.0 414.4 424.5 84.7 105.9
3.10x 23.23x 24.35x 12.04x 12.86x 0.00x 0.00x 11.86x 11.54x 11.55x 11.15x
EBITDA 764.00 Long-Term Rating Date 15.05.2007
EBIT 598.00 Long-Term Rating BBB
Operating Margin 7.97% Long-Term Outlook POS
Pretax Margin 7.33% Short-Term Rating Date 12.08.2010
Return on Assets 5.63% Short-Term Rating A-2
Return on Common Equity 17.26%
Return on Capital - EBITDA/Interest Exp. 9.93
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 7.75
Net Debt/EBITDA 0.73
Gross Margin 24.0% Total Debt/EBITDA 1.69
EBITDA Margin 10.2%
EBIT Margin 8.0% Total Debt/Equity 58.5%
Net Income Margin 5.0% Total Debt/Capital 36.7%
Asset Turnover 1.13
Current Ratio 1.48 Net Fixed Asset Turnover 8.90
Quick Ratio 0.25 Accounts receivable turnover-days -
Debt to Assets 19.42% Inventory Days 102.88
Tot Debt to Common Equity 58.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 113.33
Inventory Turnover 3.56
Fiscal Year Ended
Metso OYJPrice/Volume
Valuation Analysis
295'364.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&&&&&------
h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 16'695'287 11.1 - 31.10.2012 Holding Company
CEVIAN CAPITAL AB n/a Research 7'790'060 5.18 - 03.08.2012 Venture Capital
ILMARINEN MUTUAL PEN n/a Research 6'341'943 4.22 - 31.10.2012 Insurance Company
VARMA MUTUAL PENSION n/a Research 3'908'465 2.6 - 31.10.2012 Insurance Company
LANSDOWNE PARTNERS n/a Short (2'751'374) -1.83 (240'557) 03.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'437'302 1.62 65'270 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'195'347 1.46 34'609 13.03.2013 Investment Advisor
FINLAND STATE PENSIO n/a Research 1'940'000 1.29 - 31.10.2012 Government
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'751'808 1.17 12'521 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'609'591 1.07 277'893 31.12.2012 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 1'462'871 0.97 - 31.10.2012 Pension Fund (ERISA)
OP FUND MANAGEMENT C n/a Research 1'405'973 0.94 (29'027) 31.10.2012 Investment Advisor
MANDATUM LIFE INSURA n/a Research 1'400'000 0.93 - 31.10.2012 Insurance Company
SVENSKA LITTERATURSA n/a Research 1'174'876 0.78 - 31.10.2012 Other
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'001'386 0.67 - 28.02.2013 Mutual Fund Manager
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 893'100 0.59 (12'001) 28.02.2013 Investment Advisor
ODEY ASSET MANAGEMEN n/a Short (872'020) -0.58 - 04.03.2013 Investment Advisor
ODIN FONDER n/a Research 840'020 0.56 - 31.10.2012 Mutual Fund Manager
SEB n/a ULT-AGG 787'645 0.52 258'093 31.12.2012 Unclassified
NORDEA FENNIA FUND n/a Research 775'000 0.52 - 31.10.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MARKUS ALMERUD Overwt/Cautious 5 M 40 12 month 15.03.2013
ABG Sundal Collier JOHANNES GRUNSELIUS sell 1 M 34 6 month 14.03.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 38 Not Provided 14.03.2013
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 38 Not Provided 14.03.2013
SEB Enskilda TOMI RAILO buy 5 M 38 Not Provided 13.03.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 38 12 month 12.03.2013
HSBC COLIN GIBSON underweight 1 M 28 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 40 Not Provided 08.03.2013
Evli Bank Plc ELINA RIUTTA buy 5 M 38 Not Provided 04.03.2013
AlphaValue LIONEL PELLICER add 4 M 38 6 month 28.02.2013
Carnegie TIMO HEINONEN buy 5 M #N/A N/A Not Provided 27.02.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 38 Not Provided 20.02.2013
Deutsche Bank ANETTE LUOMANPERA hold 3 M 30 12 month 12.02.2013
Pareto Securities JARI HARJUNPAA hold 3 D 34 6 month 11.02.2013
FIM SANNA KAJE accumulate 4 M 37 12 month 11.02.2013
Nordea Equity Research JAN KAIJALA buy 5 M 38 12 month 08.02.2013
Handelsbanken TOM SKOGMAN buy 5 M 41 12 month 08.02.2013
DNB Markets SAMPSA KARHUNEN buy 5 M 40 Not Provided 08.02.2013
Barclays ALLAN SMYLIE equalweight 3 M 32 Not Provided 08.02.2013
Danske Markets ANTTI SUTTELIN hold 3 D 36 12 month 08.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 40 12 month 07.02.2013
JPMorgan ALEXANDER WHIGHT underweight 1 M 32 9 month 07.02.2013
Nomura KLAS BERGELIND reduce 2 M 26 12 month 07.02.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 39 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Swedbank ERKKI VESOLA buy 5 M 30 12 month 26.10.2012
Holdings By:
Metso OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Power Solutions International, Inc. manufactures engines for off-highway
industrial equipment. The engines primarily operate on alternative fuels such
as natural gas and propane. The Company sells engines for stationary
generators, oil and gas equipment, forklifts, aerial work platforms, industrial
sweepers, arbor equipment, agricultural and turf equipment and other equipment.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 23.25
52-Week Low (16.03.2012) 13.25
Daily Volume
23.24
52-Week High % Change -0.04% Dividend Yield 0.00
52-Week Low % Change 75.40% Beta -
% 52 Week Price Range High/Low 97.50% Equity Float 1.91
Shares Out 28.02.2013 9.1 Short Int 0.01
211.98 1 Yr Total Return 73.30%
Total Debt 30.94 YTD Return 43.63%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 0.54 Consensus Rating 5.000
Enterprise Value 242.38
Average Volume 5 Day 24'159
PSIX US EQUITY YTD Change - Average Volume 30 Day 14'395
PSIX US EQUITY YTD % CHANGE - Average Volume 3 Month 14'612
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
- - - 155.0 202.3 123.6 202.3 228.8 314.3 49.1 54.2
- - - 0.98x 0.88x 3.28x 3.34x 0.95x 0.75x - -
- - - 10.6 13.4 5.8 13.4 17.4 26.5 3.4 4.0
- - - 14.23x 13.21x 0.00x 13.21x 13.95x 9.15x 13.54x 12.14x
- - - 4.1 6.7 3.0 6.7 9.0 14.5 1.6 2.0
- - - 27.88x 21.01x 0.00x 18.39x 23.96x 15.34x 24.01x 20.51x
EBITDA 13.42 Long-Term Rating Date -
EBIT 12.32 Long-Term Rating -
Operating Margin 6.09% Long-Term Outlook -
Pretax Margin 5.36% Short-Term Rating Date -
Return on Assets 8.28% Short-Term Rating -
Return on Common Equity 35.22%
Return on Capital 16.53% EBITDA/Interest Exp. 13.12
Asset Turnover 2.50% (EBITDA-Capex)/Interest Exp. 9.32
Net Debt/EBITDA 2.27
Gross Margin 16.8% Total Debt/EBITDA 2.31
EBITDA Margin 6.6%
EBIT Margin 6.1% Total Debt/Equity 136.1%
Net Income Margin 3.3% Total Debt/Capital 57.6%
Asset Turnover 2.50
Current Ratio 2.51 Net Fixed Asset Turnover 37.62
Quick Ratio 1.16 Accounts receivable turnover-days 60.60
Debt to Assets 34.09% Inventory Days 79.71
Tot Debt to Common Equity 136.10% Accounts Payable Turnover Day 56.63
Accounts Receivable Turnover 6.04 Cash Conversion Cycle 83.68
Inventory Turnover 4.59
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Power Solutions International IncPrice/Volume
Valuation Analysis
200.00
Current Price (3/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WINEMASTER GARY S n/a 13D 4'435'500 48.63 - 04.03.2013 n/a
WINEMASTER KENNETH J n/a 13D 2'748'045 30.13 - 12.03.2013 n/a
AUSTIN W MARXE AND D AUSTIN W MARXE AND D 13F 589'698 6.47 - 31.12.2012 Hedge Fund Manager
PARK WEST ASSET MANA n/a 13G 250'000 2.74 (754'368) 31.12.2011 Hedge Fund Manager
COGHILL CAPITAL MANA COGHILL CAPITAL MANA 13F 125'000 1.37 - 31.12.2012 Hedge Fund Manager
SATUIT CAPITAL MANAG Multiple Portfolios MF-AGG 111'500 1.22 - 31.01.2013 Investment Advisor
HEARTLAND ADVISORS I Multiple Portfolios MF-AGG 100'000 1.1 - 31.12.2012 Investment Advisor
GRANAHAN INVESTMENT GRANAHAN INVESTMENT 13F 66'600 0.73 500 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 64'700 0.71 3'400 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 63'000 0.69 8'000 31.12.2012 Investment Advisor
S SQUARED TECHNOLOGY S SQUARED TECHNOLOGY 13F 43'700 0.48 33'700 31.12.2012 Hedge Fund Manager
LANDINI KENNETH W n/a Form 4 23'168 0.25 (600) 12.12.2012 n/a
GREENAWALT H SAMUEL n/a Form 4 6'500 0.07 1'500 14.12.2012 n/a
SOMODI THOMAS J n/a Form 4 - 0 (830'925) 31.10.2011 n/a
NEELY RYAN n/a Form 4 - 0 (93'750) 29.04.2011 n/a
DEGROOF GESTION INST Multiple Portfolios MF-AGG 140'220 0.38 - 29.03.2012 Investment Advisor
CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 127'800 0.34 11'400 31.12.2012 Pension Fund (ERISA)
CAUSEWAY CAPITAL MAN CAUSEWAY CAPITAL MAN 13F 111'469 0.3 - 31.12.2012 Investment Advisor
STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 85'205 0.23 - 31.12.2012 Pension Fund (ERISA)
GAMCO n/a ULT-AGG 76'000 0.2 - 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lake Street Capital Markets LLC ROBERT D. BROWN buy 5 M 30 12 month 06.03.2013
Barrington Research RUDOLF A HOKANSON outperform 5 M 25 12 month 04.03.2013
Roth Capital Partners JOE BESS buy 5 M 25 12 month 01.03.2013
Craig-Hallum Capital Group LLC ERIC STINE buy 5 M 28 12 month 01.03.2013
Holdings By:
Power Solutions International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Sandvik AB is a high-technology engineering group. The Company develops,
manufactures, and markets tools for metalworking applications, machinery and
tools for rock excavation, stainless steel products, special alloys, and
resistance heating materials and process systems. Sandvik markets to industrial
companies throughout the world, and tools can also be purchased online.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 109.00
52-Week Low (28.06.2012) 81.65
Daily Volume
104.8
52-Week High % Change -3.85% Dividend Yield -
52-Week Low % Change 28.35% Beta 1.36
% 52 Week Price Range High/Low 83.55% Equity Float -
Shares Out 14.03.2013 1'254.4 Short Int -
131'459.66 1 Yr Total Return 8.07%
Total Debt 37'203.00 YTD Return 1.26%
Preferred Stock 0.0 Adjusted BETA 1.359
Minority Interest 107.0 Analyst Recs 30
Cash and Equivalents 13'829.00 Consensus Rating 3.633
Enterprise Value 154'940.65
Average Volume 5 Day 3'950'262
SAND SS EQUITY YTD Change - Average Volume 30 Day 3'566'784
SAND SS EQUITY YTD % CHANGE - Average Volume 3 Month 3'736'158
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
92'654.0 71'937.0 82'654.0 94'084.0 98'529.0 94'083.0 98'529.0 94'111.7 97'169.7 22'939.3 23'643.6
0.99x 1.84x 2.17x 1.33x 1.56x 6.16x 5.88x 1.59x 1.49x 6.52x 6.33x
16'305.0 3'474.0 15'272.0 16'148.0 17'812.0 15'970.0 17'811.0 18'565.5 20'256.1 3'997.4 4'596.7
5.61x 38.19x 11.73x 7.73x 8.61x 7.82x 8.61x 8.35x 7.65x 8.44x 8.04x
7'472.0 (2'652.0) 6'634.0 5'498.0 8'105.0 5'498.0 8'105.0 9'229.3 10'448.1 1'976.4 2'326.4
7.78x - 23.44x 18.22x 15.91x 18.22x 15.88x 14.18x 12.45x 14.14x 13.38x
EBITDA 17'812.00 Long-Term Rating Date 24.05.2011
EBIT 13'490.00 Long-Term Rating BBB+
Operating Margin 13.69% Long-Term Outlook STABLE
Pretax Margin 11.69% Short-Term Rating Date 02.03.2009
Return on Assets 7.99% Short-Term Rating A-2
Return on Common Equity 23.62%
Return on Capital - EBITDA/Interest Exp. 8.19
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 5.66
Net Debt/EBITDA 1.31
Gross Margin 35.2% Total Debt/EBITDA 2.09
EBITDA Margin 18.1%
EBIT Margin 13.7% Total Debt/Equity 103.0%
Net Income Margin 8.2% Total Debt/Capital 50.7%
Asset Turnover 0.97
Current Ratio 2.27 Net Fixed Asset Turnover 3.85
Quick Ratio 0.52 Accounts receivable turnover-days -
Debt to Assets 35.75% Inventory Days 147.90
Tot Debt to Common Equity 102.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 152.13
Inventory Turnover 2.47
Fiscal Year Ended
Sandvik ABPrice/Volume
Valuation Analysis
1'582'541.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDUSTRIVARDEN AB n/a Co File 144'727'042 11.54 - 31.12.2011 Holding Company
SWEDBANK ROBUR FONDE n/a Research 62'171'471 4.96 - 13.02.2012 Investment Advisor
HANDELSBANKEN PENSIO n/a Co File 48'637'776 3.88 - 31.12.2011 Other
ALECTA PENSIONSFORSA n/a Co File 42'706'340 3.4 - 31.12.2011 Pension Fund (ERISA)
JP MORGAN CHASE BANK n/a Co File 42'706'340 3.4 - 31.12.2011 Investment Advisor
OMNIBUS ACCOUNT W FD n/a Co File 39'147'479 3.12 - 31.12.2011 Other
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 36'065'502 2.88 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 34'552'637 2.75 53'926 31.12.2012 Investment Advisor
LE LUNDBERGFORETAGEN n/a Co File 27'284'606 2.18 - 31.12.2011 Holding Company
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 26'908'048 2.15 (1'041'586) 28.02.2013 Investment Advisor
GORANSSONSKA FOUNDAT n/a Co File 24'912'032 1.99 - 31.12.2011 Other
HANDELSBANKEN FONDER n/a Co File 20'166'883 1.61 - 31.12.2011 Investment Advisor
FOLKSAM GROUP n/a Co File 18'980'596 1.51 - 31.12.2011 Insurance Company
SEB n/a ULT-AGG 13'685'328 1.09 (671'980) 31.12.2012 Unclassified
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 12'905'096 1.03 (101'448) 31.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 11'367'560 0.91 (2'000'730) 31.12.2012 Investment Advisor
LANSDOWNE PARTNERS n/a Short (7'651'754) -0.61 (752'632) 18.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'627'214 0.61 20'018 13.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'040'725 0.56 203'454 31.01.2013 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 6'555'117 0.52 189'103 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier ANDERS IDBORG buy 5 M 120 6 month 14.03.2013
Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 125 Not Provided 14.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 118 12 month 08.03.2013
Canaccord Genuity Corp ANDREW BELL sell 1 M 90 12 month 08.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 95 Not Provided 08.03.2013
AlphaValue LIONEL PELLICER add 4 M 113 6 month 07.03.2013
Nomura KLAS BERGELIND buy 5 M 130 12 month 04.03.2013
Evli Bank Plc ELINA RIUTTA reduce 2 M 95 12 month 04.03.2013
Pareto Securities DAVID JACOBSSON buy 5 M 115 6 month 28.02.2013
HSBC COLIN GIBSON overweight 5 M 135 Not Provided 27.02.2013
SEB Enskilda DANIEL SCHMIDT buy 5 M 120 Not Provided 18.02.2013
Societe Generale SEBASTIEN GRUTER sell 1 M 95 12 month 30.01.2013
Morgan Stanley MARKUS ALMERUD Underwt/Cautious 1 M 91 12 month 30.01.2013
Credit Suisse ANDRE KUKHNIN underperform 1 M 95 Not Provided 30.01.2013
Nordea Equity Research ANDREAS KOSKI buy 5 M 116 12 month 30.01.2013
Handelsbanken PEDER FROLEN reduce 2 M 100 12 month 30.01.2013
DNB Markets LARS BRORSON hold 3 M 105 Not Provided 30.01.2013
Barclays ALLAN SMYLIE overweight 5 M 100 Not Provided 30.01.2013
Danske Markets OSCAR STJERNGREN buy 5 M 130 12 month 30.01.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 118 12 month 29.01.2013
JPMorgan ANDREAS WILLI neutral 3 D 108 9 month 29.01.2013
CA Cheuvreux JOAKIM HOGLUND underperform 1 M 110 Not Provided 29.01.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 118 Not Provided 08.01.2013
Deutsche Bank JOHAN WETTERGREN buy 5 U 115 12 month 04.12.2012
Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 08.10.2012
Swedbank MATS LISS buy 5 M 100 12 month 13.12.2011
Holdings By:
Sandvik AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Terex Corporation is a diversified global manufacturer operating in four
business segments: aerial work platforms, construction, cranes, and materials
processing. Terex manufactures a broad range of equipment for use in various
industries including the construction, infrastructure, quarrying, mining,
shipping, transportation, refining, energy and utility industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 35.76
52-Week Low (25.07.2012) 14.05
Daily Volume
34.21
52-Week High % Change -4.22% Dividend Yield 0.00
52-Week Low % Change 143.49% Beta 2.31
% 52 Week Price Range High/Low 93.97% Equity Float 106.00
Shares Out 21.02.2013 110.7 Short Int 12.23
3'787.05 1 Yr Total Return 31.73%
Total Debt 2'098.70 YTD Return 21.70%
Preferred Stock 0.0 Adjusted BETA 2.306
Minority Interest 270.5 Analyst Recs 21
Cash and Equivalents 678.00 Consensus Rating 3.857
Enterprise Value 5'478.25
Average Volume 5 Day 1'334'286
TEX US EQUITY YTD Change - Average Volume 30 Day 2'263'644
TEX US EQUITY YTD % CHANGE - Average Volume 3 Month 2'330'177
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'387.0 3'858.4 4'418.2 6'504.6 7'348.4 6'504.6 7'348.4 8'001.8 8'674.2 1'828.8 2'165.5
0.31x 0.83x 0.83x 0.50x 0.65x 2.19x 2.34x 0.64x 0.55x 2.93x 2.43x
718.7 (308.3) 31.0 207.8 551.6 208.7 663.9 780.5 924.4 128.9 232.6
3.67x - 117.88x 15.74x 8.67x 15.67x 7.20x 7.02x 5.93x 7.03x 6.38x
71.9 (398.4) 358.5 45.2 105.8 45.4 105.8 305.9 405.9 34.6 99.3
7.53x - - 29.37x 15.36x 27.57x 14.42x 13.07x 9.94x 13.05x 11.43x
EBITDA 551.60 Long-Term Rating Date 22.05.2009
EBIT 398.60 Long-Term Rating BB-
Operating Margin 5.42% Long-Term Outlook POS
Pretax Margin 2.12% Short-Term Rating Date 20.06.2008
Return on Assets 1.53% Short-Term Rating NR
Return on Common Equity 5.41%
Return on Capital 4.76% EBITDA/Interest Exp. 3.35
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 2.85
Net Debt/EBITDA 2.14
Gross Margin 19.7% Total Debt/EBITDA 3.16
EBITDA Margin 9.0%
EBIT Margin 5.4% Total Debt/Equity 104.5%
Net Income Margin 1.4% Total Debt/Capital 47.9%
Asset Turnover 1.07
Current Ratio 2.21 Net Fixed Asset Turnover 8.91
Quick Ratio 1.02 Accounts receivable turnover-days 56.18
Debt to Assets 31.10% Inventory Days 107.69
Tot Debt to Common Equity 104.53% Accounts Payable Turnover Day 43.72
Accounts Receivable Turnover 6.52 Cash Conversion Cycle 120.15
Inventory Turnover 3.40
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Terex CorpPrice/Volume
Valuation Analysis
456'480.00
Current Price (3/dd/yy) Market Data
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4'000.0
5'000.0
6'000.0
7'000.0
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9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 10'382'880 9.38 - 31.12.2012 Investment Advisor
PENNANT CAPITAL MANA PENNANT CAPITAL MANA 13F 9'848'172 8.9 - 31.12.2012 Hedge Fund Manager
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'833'339 6.17 1'082'518 31.12.2012 Investment Advisor
EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 4'147'807 3.75 747'288 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 3'830'805 3.46 55'428 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'457'121 3.12 (932'117) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'326'570 3.01 88'135 31.01.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 3'253'536 2.94 (39'710) 31.12.2012 Investment Advisor
SNOW CAPITAL MANAGEM SNOW CAPITAL MANAGEM 13F 2'612'388 2.36 (139'250) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 2'228'181 2.01 (178'151) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'200'351 1.99 2'092'802 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 2'051'990 1.85 (127'839) 31.12.2012 Investment Advisor
PPM AMERICA INC PPM AMERICA INC 13F 1'885'600 1.7 (199'400) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'678'590 1.52 (580'538) 31.12.2012 Investment Advisor
DEFEO RONALD M n/a Form 4 1'607'918 1.45 34 08.03.2013 n/a
PARTNER FUND MANAGEM PARTNER FUND MANAGEM 13F 1'451'606 1.31 1'451'606 31.12.2012 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 1'430'150 1.29 90'195 31.12.2012 Unclassified
KEELEY ASSET MANAGEM KEELEY ASSET MANAGEM 13F 1'374'100 1.24 (6'000) 31.12.2012 Investment Advisor
MINNEAPOLIS PORTFOLI MINNEAPOLIS PORTFOLI 13F 1'293'990 1.17 (99'932) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'168'741 1.06 (573'679) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOEL G TISS outperform 5 M 41 Not Provided 14.03.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 33 12 month 28.02.2013
Goldman Sachs JERRY REVICH neutral/neutral 3 M 35 12 month 21.02.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 33 12 month 21.02.2013
Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 37 12 month 21.02.2013
KeyBanc Capital Markets STEVE BARGER buy 5 M 42 12 month 21.02.2013
Macquarie SAMEER RATHOD outperform 5 M 41 12 month 21.02.2013
Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 21.02.2013
Barclays ANDY KAPLOWITZ equalweight 3 M 33 Not Provided 21.02.2013
Northcoast Research BRIAN M RAYLE neutral 3 M #N/A N/A Not Provided 21.02.2013
Credit Suisse JAMIE L COOK outperform 5 M 46 Not Provided 20.02.2013
JPMorgan ANN DUIGNAN neutral 3 M 38 9 month 20.02.2013
BB&T Capital Markets C SCHON WILLIAMS buy 5 M 42 12 month 20.02.2013
Wells Fargo Securities, LLC ANDREW M CASEY outperform 5 M #N/A N/A Not Provided 20.02.2013
ISI Group DAVID RASO strong buy 5 M 49 Not Provided 19.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.02.2013
Susquehanna Financial Group TED GRACE neutral 3 M 24 12 month 26.10.2012
S&P Capital IQ MICHAEL JAFFE buy 5 M 28 Not Provided 26.07.2012
BOE Securities SHRUTI MITTAL buy 5 M 27 12 month 11.04.2012
Imperial Capital LLC ALBERTO GARCIA-TUNON underperform 1 M #N/A N/A Not Provided 22.10.2009
Holdings By:
Terex Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Tognum AG supplies diesel engines and complete propulsion systems for ships,
heavy agricultural and rail vehicles, industrial drive systems and onsite power
generators (off-highway applications).
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 31.22
52-Week Low (31.08.2012) 24.85
Daily Volume
31.221
52-Week High % Change 0.00% Dividend Yield -
52-Week Low % Change 25.64% Beta 0.40
% 52 Week Price Range High/Low 100.00% Equity Float -
Shares Out 31.12.2012 131.4 Short Int -
4'101.66 1 Yr Total Return -
Total Debt 255.00 YTD Return -
Preferred Stock 0.0 Adjusted BETA 0.400
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 299.80 Consensus Rating -
Enterprise Value 4'056.86
Average Volume 5 Day 1'125
TGM GR EQUITY YTD Change - Average Volume 30 Day 3'101
TGM GR EQUITY YTD % CHANGE - Average Volume 3 Month 3'498
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'133.1 2'529.4 2'563.6 2'972.1 3'014.5 2'972.1 3'014.5 - - - -
0.44x 0.67x 1.02x 1.15x 1.16x 4.59x 4.76x - - - -
482.0 306.0 312.0 412.6 418.3 410.7 418.2 - - - -
2.85x 5.53x 8.39x 8.25x 8.37x 8.29x 8.37x - - - -
207.6 102.5 62.8 198.8 181.7 198.8 181.7 - - - -
5.70x 14.87x 41.09x 17.23x 19.57x 17.11x 19.57x - - - -
EBITDA 418.30 Long-Term Rating Date -
EBIT 296.50 Long-Term Rating -
Operating Margin 9.84% Long-Term Outlook -
Pretax Margin 8.56% Short-Term Rating Date -
Return on Assets 6.01% Short-Term Rating -
Return on Common Equity 21.39%
Return on Capital 16.81% EBITDA/Interest Exp. 15.78
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 10.63
Net Debt/EBITDA -0.11
Gross Margin 28.7% Total Debt/EBITDA 0.61
EBITDA Margin 13.9%
EBIT Margin 9.8% Total Debt/Equity 30.9%
Net Income Margin 6.0% Total Debt/Capital 23.6%
Asset Turnover 1.00
Current Ratio 1.54 Net Fixed Asset Turnover 5.32
Quick Ratio 0.73 Accounts receivable turnover-days 62.83
Debt to Assets 8.70% Inventory Days 144.79
Tot Debt to Common Equity 30.91% Accounts Payable Turnover Day 62.75
Accounts Receivable Turnover 5.83 Cash Conversion Cycle 144.87
Inventory Turnover 2.53
Fiscal Year Ended
Tognum AGPrice/Volume
Valuation Analysis
4'294.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ENGINE HOLDING GMBH n/a Research 130'034'975 98.98 - 17.11.2011 Corporation
DAIMLER AG n/a Co File 32'843'751 25 - 31.12.2010 Corporation
ING GROEP NV n/a Co File 6'568'750 5 - 31.12.2010 Investment Advisor
BLACKROCK n/a ULT-AGG 3'944'261 3 - 16.03.2011 Investment Advisor
FIRST EAGLE INVESTME n/a Co File 3'941'250 3 - 31.12.2010 Hedge Fund Manager
HEUER VOLKER n/a Co File 3'036'956 2.31 - 31.12.2010 n/a
COERS JOACHIM n/a Co File 2'286'956 1.74 - 31.12.2010 n/a
BREIDENBACH RAINER n/a Co File 1'687'203 1.28 - 31.12.2010 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 52'838 0.04 - 30.11.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 11'266 0.01 - 31.03.2011 Investment Advisor
HANSAINVEST GMBH Multiple Portfolios MF-AGG 10'700 0.01 - 28.12.2012 Mutual Fund Manager
ALLSTATE CORP n/a ULT-AGG - 0 (5'317) 30.09.2012 Insurance Company
SCOTTISH WIDOWS n/a ULT-AGG - 0 (8'537) 30.06.2011 Unclassified
SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG - 0 (25'862) 30.06.2011 Mutual Fund Manager
NORDINVEST FUND MANA Multiple Portfolios MF-AGG - 0 (12'800) 30.06.2011 Mutual Fund Manager
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG - 0 (7'168) 30.06.2011 Mutual Fund Manager
BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG - 0 (2'116) 28.02.2011 Investment Advisor
EURIZON CAPITAL SA EURIZON STARS FUND-E MF-LUX - 0 (6'302) 30.06.2011 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 213'155 0.4 - 31.03.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 207'154 0.39 35'750 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) HOLGER SCHMIDT hold 3 M 26 Not Provided 02.01.2012
AlphaValue HEINZ STEFFEN sell 1 M 20 6 month 20.10.2011
Bankhaus Lampe GORDON SCHOENELL hold 3 D 24 12 month 08.03.2011
Holdings By:
Tognum AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Twin Disc, Incorporated designs, manufactures, and sells heavy duty off-highway
power transmission equipment. The Company's products include marine
transmissions and surface drives, power-shift transmissions, power take-offs
and reduction gears, industrial clutches, and control systems. Twin Disc sells
its products to customers in the marine, energy, government, and other markets.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (15.03.2012) 30.10
52-Week Low (23.10.2012) 13.70
Daily Volume
25.23
52-Week High % Change -16.18% Dividend Yield 1.43
52-Week Low % Change 84.16% Beta 1.50
% 52 Week Price Range High/Low 69.70% Equity Float 9.77
Shares Out 25.01.2013 11.2 Short Int 0.93
283.67 1 Yr Total Return -12.85%
Total Debt 32.15 YTD Return 45.30%
Preferred Stock 0.0 Adjusted BETA 1.495
Minority Interest 1.0 Analyst Recs 3
Cash and Equivalents 15.70 Consensus Rating 4.333
Enterprise Value 298.07
Average Volume 5 Day 37'269
TWIN US EQUITY YTD Change - Average Volume 30 Day 53'671
TWIN US EQUITY YTD % CHANGE - Average Volume 3 Month 56'205
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
331.7 295.6 227.5 310.4 355.9 338.1 332.7 278.5 293.5 67.1 70.3
0.81x 0.38x 0.62x 1.45x 0.64x 4.65x 2.95x - - - -
46.4 30.7 13.4 44.9 59.3 59.5 43.3 24.3 29.6 4.9 3.9
5.82x 3.69x 10.46x 10.01x 3.82x 7.38x 4.73x 12.29x 10.11x 13.16x 11.58x
24.3 11.5 0.6 18.8 26.1 27.6 15.0 7.7 10.9 1.0 2.1
11.13x 5.82x 142.00x 23.41x 7.08x 15.13x 10.34x 37.66x 26.98x 38.23x 30.77x
EBITDA 59.30 Long-Term Rating Date -
EBIT 48.54 Long-Term Rating -
Operating Margin 13.64% Long-Term Outlook -
Pretax Margin 12.58% Short-Term Rating Date -
Return on Assets 4.87% Short-Term Rating -
Return on Common Equity 10.54%
Return on Capital 8.81% EBITDA/Interest Exp. 40.20
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 30.89
Net Debt/EBITDA 0.31
Gross Margin 34.2% Total Debt/EBITDA 0.78
EBITDA Margin 13.0%
EBIT Margin 9.8% Total Debt/Equity 23.6%
Net Income Margin 7.3% Total Debt/Capital 19.0%
Asset Turnover 1.08
Current Ratio 2.96 Net Fixed Asset Turnover 5.06
Quick Ratio 1.19 Accounts receivable turnover-days 52.18
Debt to Assets 10.58% Inventory Days 184.85
Tot Debt to Common Equity 23.59% Accounts Payable Turnover Day 47.13
Accounts Receivable Turnover 6.98 Cash Conversion Cycle 174.50
Inventory Turnover 1.97
Fiscal Year Ended
Twin Disc IncPrice/Volume
Valuation Analysis
17'674.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GAMCO n/a ULT-AGG 1'153'336 10.26 29'305 31.12.2012 Unclassified
BATTEN MICHAEL E n/a Form 4 1'078'756 9.59 (1'500) 20.12.2012 n/a
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 620'353 5.52 139'515 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 495'228 4.4 (11'096) 13.03.2013 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 486'868 4.33 (6'985) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 463'309 4.12 74'979 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 427'543 3.8 6'412 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 333'436 2.97 81'720 31.12.2012 Investment Advisor
BROADVIEW ADVISORS L BROADVIEW ADVISORS L 13F 251'050 2.23 (15'600) 31.12.2012 Investment Advisor
FIDUCIARY ASSET MANA Multiple Portfolios MF-AGG 233'600 2.08 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 140'764 1.25 260 31.12.2012 Investment Advisor
STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 139'280 1.24 39'280 31.12.2012 Pension Fund (ERISA)
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 136'916 1.22 4'996 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 92'486 0.82 38'817 31.12.2012 Investment Advisor
BATTEN JOHN H n/a Form 4 76'039 0.68 (8'512) 03.08.2012 n/a
PRUDENTIAL FINANCIAL n/a ULT-AGG 74'909 0.67 1'224 31.12.2012 Investment Advisor
WOLVERINE ASSET MANA WOLVERINE ASSET MANA 13F 70'439 0.63 (14'068) 31.12.2012 Hedge Fund Manager
TWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 66'796 0.59 24'142 31.12.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 66'318 0.59 17'751 31.01.2013 Investment Advisor
GRT CAPITAL PARTNERS GRT CAPITAL PARTNERS 13F 65'600 0.58 38'600 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co PETER LISNIC outperform 5 M 27 12 month 11.03.2013
Global Hunter Securities BRIAN UHLMER neutral 3 M 19 12 month 11.03.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Twin Disc Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
AMERCO is the holding company for U-Haul International, Inc., Amerco Real Estate
Company, Republic Western Insurance Company, and Oxford Life Insurance Company.
The Company, through its subsidiaries, offers rental of trucks, trailers, and
self storage space, as well as property and casualty insurance and life
insurance products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 166.31
52-Week Low (05.06.2012) 72.20
Daily Volume
166.07
52-Week High % Change -0.04% Dividend Yield 3.01
52-Week Low % Change 130.00% Beta 1.27
% 52 Week Price Range High/Low 99.75% Equity Float 5.09
Shares Out 01.02.2013 19.6 Short Int 0.18
3'256.27 1 Yr Total Return 53.39%
Total Debt 1'486.21 YTD Return 30.96%
Preferred Stock 0.0 Adjusted BETA 1.269
Minority Interest 0.0 Analyst Recs 2
Cash and Equivalents 615.73 Consensus Rating 5.000
Enterprise Value 3'175.98
Average Volume 5 Day 26'915
UHAL US EQUITY YTD Change - Average Volume 30 Day 36'031
UHAL US EQUITY YTD % CHANGE - Average Volume 3 Month 30'800
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'049.2 1'992.3 2'002.0 2'241.3 2'502.7 2'467.6 2'509.0 - - - -
0.87x 0.72x 0.97x 1.21x 1.17x 4.20x 3.95x - - - -
431.5 369.6 430.7 599.5 659.6 632.3 753.0 - - - -
4.14x 3.91x 4.51x 4.54x 4.46x 4.39x 3.20x - - - -
67.8 13.4 65.6 183.6 205.4 193.2 252.2 - - - -
20.54x 1676.50x 19.81x 12.05x 9.02x 8.42x 9.97x 12.92x 11.86x - -
EBITDA 659.59 Long-Term Rating Date 24.01.2012
EBIT 416.01 Long-Term Rating NR
Operating Margin 16.62% Long-Term Outlook -
Pretax Margin 13.01% Short-Term Rating Date 16.10.2002
Return on Assets 5.12% Short-Term Rating NR
Return on Common Equity 23.02%
Return on Capital 10.84% EBITDA/Interest Exp. 7.28
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 0.77
Net Debt/EBITDA -0.11
Gross Margin 25.7% Total Debt/EBITDA 2.39
EBITDA Margin 30.0%
EBIT Margin 19.3% Total Debt/Equity 143.5%
Net Income Margin 8.2% Total Debt/Capital 58.9%
Asset Turnover 0.51
Current Ratio 3.73 Net Fixed Asset Turnover 1.02
Quick Ratio 1.93 Accounts receivable turnover-days 42.17
Debt to Assets 31.93% Inventory Days 11.55
Tot Debt to Common Equity 143.48% Accounts Payable Turnover Day 68.68
Accounts Receivable Turnover 8.68 Cash Conversion Cycle -13.32
Inventory Turnover 31.70
Fiscal Year Ended
AMERCOPrice/Volume
Valuation Analysis
24'396.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHOEN MARK V n/a PROXY 3'813'559 19.45 107 02.07.2012 n/a
SHOEN EDWARD J n/a PROXY 3'458'337 17.64 - 02.07.2012 n/a
SHOEN JAMES P n/a PROXY 1'950'618 9.95 106 02.07.2012 n/a
AMERCO ESOP TRUST n/a PROXY 1'464'127 7.47 (70'635) 02.07.2012 n/a
DUNHAM TRUST COMPANY n/a PROXY 1'424'473 7.26 - 02.07.2012 Other
SHOEN SOPHIA M n/a PROXY 1'377'406 7.02 2 02.07.2012 n/a
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'027'540 5.24 (22'422) 31.12.2012 Investment Advisor
ID MANAGEMENT A/S ID MANAGEMENT A/S 13F 900'000 4.59 900'000 31.12.2012 Investment Advisor
BLACKWATER INVESTMEN n/a Form 4 744'700 3.8 - 24.11.2009 Other
VANGUARD GROUP INC VANGUARD GROUP INC 13F 483'134 2.46 10'485 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 449'180 2.29 (13'195) 13.03.2013 Investment Advisor
ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 416'711 2.13 325 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 287'249 1.46 2'239 31.12.2012 Investment Advisor
KEELEY ASSET MANAGEM KEELEY ASSET MANAGEM 13F 261'900 1.34 (25'500) 31.12.2012 Investment Advisor
DONOVAN ROSEMARIE T n/a PROXY 250'250 1.28 - 02.07.2012 n/a
BRUCE & CO INC BRUCE & CO INC 13F 249'600 1.27 (200) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 236'307 1.21 (14'790) 31.12.2012 Investment Advisor
CI GLOBAL HOLDINGS I CI GLOBAL HOLDINGS I 13F 201'500 1.03 30'500 31.12.2012 Investment Advisor
JAMES INVESTMENT RES JAMES INVESTMENT RES 13F 183'235 0.93 (1'585) 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 166'098 0.85 2'372 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 08.02.2013
CL King & Associates JAMES BARRETT strong buy 5 M 167 12 month 07.02.2013
Stifel MICHAEL J BAUDENDISTEL buy 5 M 54 12 month 07.03.2013
Raymond James ARTHUR W HATFIELD outperform 5 M 52 12 month 04.03.2013
Sidoti & Company LLC STEPHEN M O'HARA buy 5 M 57 12 month 19.02.2013
Avondale Partners LLC KRISTINE KUBACKI market outperform 4 M 50 Not Provided 25.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 26.01.2012
Holdings By:
AMERCO ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Wartsila OYJ provides solutions for power generation and marine propulsion.
The Company delivers customized power plant solutions including gas and oil
fired power plants.
Eastern Europe. ILFC also provides fleet management services to investors
and owners of aircraft portfolios for a management fee.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 37.92
52-Week Low (26.07.2012) 23.30
Daily Volume
35.65
52-Week High % Change -5.96% Dividend Yield -
52-Week Low % Change 53.00% Beta 1.14
% 52 Week Price Range High/Low 84.27% Equity Float -
Shares Out 14.03.2013 197.2 Short Int -
7'031.65 1 Yr Total Return 33.90%
Total Debt 794.00 YTD Return 12.09%
Preferred Stock 0.0 Adjusted BETA 1.138
Minority Interest 26.0 Analyst Recs 21
Cash and Equivalents 225.00 Consensus Rating 2.667
Enterprise Value 7'626.65
Average Volume 5 Day 476'109
WRT1V FH EQUITY YTD Change - Average Volume 30 Day 361'902
WRT1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 340'402
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'612.0 5'260.0 4'553.0 4'209.0 4'725.0 4'209.0 4'724.0 5'038.9 5'402.7 1'083.2 1'176.4
0.55x 0.61x 1.21x 1.07x 1.49x 4.31x 5.34x 1.48x 1.34x 6.53x 6.01x
613.0 749.0 515.0 543.0 613.0 543.0 610.0 693.9 761.9 146.0 161.2
4.17x 4.28x 10.70x 8.27x 11.50x 8.27x 11.56x 10.99x 10.01x 10.89x 10.61x
380.0 389.0 386.0 283.0 339.0 283.0 339.0 394.9 451.4 78.1 90.6
5.42x 7.12x 14.59x 15.56x 19.04x 15.56x 19.10x 17.75x 15.43x 17.61x 17.34x
EBITDA 613.00 Long-Term Rating Date -
EBIT 474.00 Long-Term Rating -
Operating Margin 10.03% Long-Term Outlook -
Pretax Margin 9.59% Short-Term Rating Date -
Return on Assets 7.03% Short-Term Rating -
Return on Common Equity 19.74%
Return on Capital - EBITDA/Interest Exp. 27.86
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 10.05
Net Debt/EBITDA 0.93
Gross Margin - Total Debt/EBITDA 1.30
EBITDA Margin 12.9%
EBIT Margin 10.0% Total Debt/Equity 44.2%
Net Income Margin 7.2% Total Debt/Capital 30.3%
Asset Turnover 0.98
Current Ratio 1.28 Net Fixed Asset Turnover 10.28
Quick Ratio 0.57 Accounts receivable turnover-days 77.67
Debt to Assets 15.76% Inventory Days -
Tot Debt to Common Equity 44.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.71 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Wartsila OYJ AbpPrice/Volume
Valuation Analysis
269'670.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
15.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AVLIS AB n/a Research 25'641'347 13 - 28.11.2012 Corporation
VARMA MUTUAL PENSION n/a Research 10'260'174 5.2 - 28.11.2012 Insurance Company
BLACKROCK n/a ULT-AGG 7'804'651 3.96 810'762 13.03.2013 Investment Advisor
ILMARINEN MUTUAL PEN n/a Research 5'160'986 2.62 - 28.11.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'141'060 1.59 61'383 31.12.2012 Investment Advisor
SVENSKA LITTERATURSA n/a Research 2'746'402 1.39 - 28.11.2012 Other
SOCIAL INSURANCE INS n/a Research 1'935'910 0.98 - 28.11.2012 Other
JENNY & ANTTI WIHURI n/a Research 1'263'216 0.64 - 28.11.2012 Other
KUNTIEN ELAEKEVAKUUT n/a Research 1'211'204 0.61 - 28.11.2012 Other
FINNISH CULTURAL FOU n/a Research 1'161'865 0.59 - 28.11.2012 Other
FINLAND STATE PENSIO n/a Research 1'147'000 0.58 - 28.11.2012 Government
SIGRID JUSELIUS FOUN n/a Research 1'065'000 0.54 - 28.11.2012 Other
SWISS NATIONAL BANK n/a Research 1'007'555 0.51 - 28.11.2012 Government
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'007'290 0.51 (27'915) 31.01.2013 Investment Advisor
TAPIOLA MUTUAL PENSI n/a Research 1'000'000 0.51 - 28.11.2012 Insurance Company
ENTER FONDER AB Multiple Portfolios MF-AGG 885'200 0.45 79'400 31.12.2012 Investment Advisor
INEZ & JULIUS POLINS n/a Research 810'507 0.41 - 28.11.2012 Endowment
LIVRANTEANSTALTEN HE n/a Research 755'498 0.38 - 28.11.2012 Other
SIGNE & ANE GYLLENBE n/a Research 745'888 0.38 - 28.11.2012 n/a
SAVOX INVESTMENTS SA n/a Research 730'000 0.37 - 28.11.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier ANDERS IDBORG hold 3 M 34 6 month 14.03.2013
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 38 Not Provided 14.03.2013
SEB Enskilda TOMI RAILO buy 5 M 40 Not Provided 13.03.2013
HSBC COLIN GIBSON neutral 3 M 39 Not Provided 08.03.2013
AlphaValue LIONEL PELLICER sell 1 M 31 6 month 07.03.2013
Evli Bank Plc ELINA RIUTTA accumulate 4 U 37 Not Provided 04.03.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER reduce 2 D 34 12 month 28.01.2013
Carnegie TIMO HEINONEN hold 3 D #N/A N/A Not Provided 28.01.2013
Nordea Equity Research JAN KAIJALA sell 1 M 33 12 month 28.01.2013
Handelsbanken TOM SKOGMAN accumulate 4 M 37 12 month 28.01.2013
Danske Markets ANTTI SUTTELIN buy 5 M 40 12 month 28.01.2013
Deutsche Bank JOHAN WETTERGREN hold 3 M 30 12 month 26.01.2013
FIM SANNA KAJE hold 3 M 35 12 month 25.01.2013
DNB Markets CHRISTER MAGNERGARD buy 5 M 38 Not Provided 25.01.2013
Goldman Sachs DANIELA COSTA Sell/Neutral 1 M 30 12 month 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux JOHAN ELIASON underperform 1 M 27 Not Provided 17.12.2012
Swedbank ERKKI VESOLA reduce 2 M 27 12 month 18.10.2012
Fearnley Fonds RIKARD VABO reduce 2 M 22 6 month 17.10.2012
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
RBC Capital Markets SETH R WEBER outperform 5 M 81 12 month 10.01.2013
Holdings By:
Wartsila OYJ Abp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |